Knock Airport on course for €24m revenue as passenger numbers top 900,000 for first time

Gordon Deegan

Revenues at the firm that operates Ireland West Airport Knock are course for reach a record €24 million this year, with the airport on target to top 900,000 passengers for the first time.

That is according to new accounts for Connacht Airport Development Company Ltd, which show that last year pre-tax profits increased by 31 per cent to €2.46 million after the airport enjoyed its busiest ever year.

Pre-tax profits increased as revenues rose by 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".

The report shows that the airport is heavily dependent on Ryanair services, with Ryanair carrying 738,000 passengers in 2024 - which represents 88pc of the airport’s overall passenger numbers.

Last year,  Ryanair operated 17 routes from the airport, with record numbers using their services to and from Liverpool and London Luton in 2024.

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”.

The directors state 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”.

The directors state that this year, the 2025 summer schedule represents an increase of circa 18pc in capacity compared to summer 2024.

The report states that Aer Lingus also recorded its busiest ever year in 2024 for passenger traffic at the airport, with a record 91,000 passengers using the London Heathrow service.

The report states that the number of passengers travelling on services to Mainland and Continental Europe hit a new high for the airport, with 165,000 passengers travelling to and from Alicante, Barcelona, Faro, Majorca, Malaga, Milan, Cologne, Lanzarote, and Tenerife, representing a 9 per cent increase on 2023.

On the uncertainties facing the airport firm, the directors note the reliance on a limited number of airlines for the passenger traffic in the current economic climate.

They state that the airport is continuing its endeavours to both expand its current business with its incumbent airline partners and attract new airlines and services to the Airport.

They also note that the continued reliance on exchequer support through the Regional Airports Programme for critical safety, security, fire and air traffic control costs.

The company’s pre-tax profit also takes account of non-cash depreciation and impairment costs of €3.38 million.

The profit also includes other operating income of €4.47 million concerning Government grant funding.

The airport firm recorded a post-tax profit of €2.13 million after incurring a corporation tax charge of €326,493.

Numbers employed by the airport firm last year increased from 148 to 153 as staff costs rose from €6.97m to €7.4m

The pay for one executive director totalled €244,690, made up of remuneration of €198,067 and pension contributions of €46,623.

A breakdown of the firm’s revenues shows that it recorded aeronautical revenues of €8.76 million, commercial revenues of €12.2 million and ‘other sales’ of €47,500.

At the end of last year, the airport firm had shareholder funds of €13.8 million that included accumulated profits of €9.95 million. The company’s cash funds rose from €10.19 million to €12.2 million.