Shannon Group has recorded operating profits of €12.7 million in the financial year of 2018, with a turnover of €77.8 million last year, an 8% increase.
However, the company booked a €5.8 million exceptional charge in respect of its voluntary severance scheme that was launched in November 2016. That reduced its profit before tax to €15.7 million.
Group chief executive Matthew Thomas was quick to point out that there will be a more challenging year in 2019 with the negative impact of the global grounding of the Boeing 737 Max family of jets following the fatal crash of an Ethiopian Airlines flight in March.
Commenting on the results, Thomas said: “The worldwide grounding of the 737 Max aircraft is having serious implications for passengers and the aviation industry alike.
"At Shannon, it is impacting our well supported and successful Norwegian and Air Canada services. This will affect our passenger throughput and resultant business as we build towards what is otherwise a busy summer season."