Revenues at the company operating Ireland West Airport Knock are set to hit a record €24 million this year, with the airport expected to serve more than 900,000 passengers for the first time.
New accounts for Connacht Airport Development Company Ltd show that last year pre-tax profits rose by 31 per cent to €2.46 million, following the airport’s busiest year on record, reports Breaking News.
Pre-tax profits increased as revenues grew 11 per cent from €19 million to €21.08 million.
In their report, the directors state that 2024 “has proven to be the busiest year on record at the airport, with passenger numbers reaching 834,000 for the first time in the airport’s history, surpassing the previous record of 818,000 passengers achieved in 2023″, reports Breaking News.
The report shows the airport is heavily reliant on Ryanair services, with Ryanair carrying 738,000 passengers in 2024, accounting for 88 per cent of the airport’s total passenger numbers.
Last year, Ryanair operated 17 routes from the airport, with record numbers travelling to and from Liverpool and London Luton in 2024, reports Breaking News.
The directors state that “the airport is confident that 2025 will be another record year of passenger growth, with passenger numbers of more than 900,000 for the first time”.
They add that “forecast revenues for 2025 based on forecast passenger numbers are expected to be in the region of €24 million, however, the airport is forecasting a pre-tax loss before receipt of Government funding, due to cost pressures”, reports Breaking News.
The directors state that the 2025 summer schedule represents roughly an 18 per cent increase in capacity compared to summer 2024.
The report states that Aer Lingus also recorded its busiest year ever for passenger traffic at the airport in 2024, with a record 91,000 passengers using the London Heathrow service, reports Breaking News.
The number of passengers travelling to Mainland and Continental Europe also hit a new high, with 165,000 passengers flying to and from Alicante, Barcelona, Faro, Majorca, Malaga, Milan, Cologne, Lanzarote, and Tenerife, representing a 9 per cent increase on 2023.
On uncertainties facing the airport firm, the directors note the reliance on a small number of airlines for passenger traffic in the current economic climate, reports Breaking News.
They state the airport is working to expand its current business with incumbent airline partners and attract new airlines and services to the facility.
The directors also highlight the ongoing dependence on exchequer support through the Regional Airports Programme for essential safety, security, fire, and air traffic control costs, reports Breaking News.
The company’s pre-tax profit also accounted for non-cash depreciation and impairment costs of €3.38 million.
It also included other operating income of €4.47 million related to Government grant funding, reports Breaking News.
The airport firm posted a post-tax profit of €2.13 million after a corporation tax charge of €326,493.
Staff numbers increased from 148 to 153 last year, while staff costs rose from €6.97 million to €7.4 million, reports Breaking News.
The pay for one executive director totalled €244,690, comprising remuneration of €198,067 and pension contributions of €46,623.
A breakdown of the company’s revenues shows aeronautical revenues of €8.76 million, commercial revenues of €12.2 million, and ‘other sales’ of €47,500, reports Breaking News.
By the end of last year, shareholder funds stood at €13.8 million, including accumulated profits of €9.95 million, while the company’s cash reserves rose from €10.19 million to €12.2 million.
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