Connaught Airport Development Co Ltd, the company managing the airport, reported a 6% rise in revenues, growing from €17.93 million to €19 million during its busiest year to date.

Passenger numbers hit 818,000 for the first time, surpassing the 2019 record of 807,000. The directors described this milestone as a boost for tourism and job creation, both at the airport and in the broader economy.

The company posted pre-tax profits of €1.87 million, factoring in €144,974 in interest charges. The directors noted that revenues were driven by strong performance across all major commercial income streams, aided by the introduction of new routes. These included Ryanair services to Lanzarote and Tenerife and Aer Lingus’s new daily connection to London Heathrow.

However, the directors highlighted significant challenges with cost containment, citing rising expenses for fuel, electricity, energy, insurance, and wages, alongside persistent inflationary pressures.

Looking ahead to 2024, the airport forecasts passenger numbers to remain consistent with 2023 levels, close to 820,000. Revenues are expected to reach €20 million, though the company anticipates a pre-tax loss before accounting for government funding due to continued cost pressures.

In 2023, the airport invested €5.9 million in capital projects, with €4.6 million supported by government funding. Key upgrades included new central search security machines, a fire tender, fire station extension, phase two of an electrical upgrade, and runway safety improvements.

Additional projects included the reopening of the Sláinte restaurant as a coffee outlet and upgrades to retail and car park facilities. The company plans to invest nearly €7 million this year in critical safety and security infrastructure.

The directors acknowledged risks related to the airport’s dependence on a limited number of airlines, emphasizing ongoing efforts to expand partnerships and attract new carriers.

The company’s pre-tax profits included €3.19 million in non-cash depreciation and impairment costs and €4.26 million in government grant funding under the Regional Airport Programme and capital grants.

Employment at the airport grew from 124 to 148, with staff costs increasing from €5.75 million to €6.97 million. Directors’ remuneration totalled €226,446, comprising €189,013 in pay and €37,433 in pension contributions.

Revenue sources included €8.19 million from aeronautical activities, €10.8 million from commercial operations, and €47,500 from other sales.

By year-end, the company reported shareholder funds of €11.67 million, including accumulated profits of €7.8 million. Cash reserves rose from €9.69 million to €10.19 million.