Shannon Heritage posts losses as visitors down

LOSSES AT Shannon Heritage improved fractionally last year as its main attractions – Bunratty Castle and Folk Park and O’Brien’s Tower at the Cliffs of Moher – struggled for visitor numbers.

Losses before tax in 2009 came to €239,764, according to results filed with the Companies Office. In 2008, the company reported a pretax loss of €254,533.

Visitor numbers fell 13 per cent for the second year in a row, with 437,761 people visiting the group’s attractions last year, compared to more than 570,000 in 2007.

Gross profit last year declined by 14 per cent to €6.9 million from €8 million previously.

The directors’ report said the company continued to engage in a cost-reduction programme, across all operations, including wages and salaries.

“As a consequence, the company is forecasting a small loss for 2010, reflecting the cost reductions achieved and the level of forecasted activity expected in the current economic climate,” the report says.

Shannon Heritage chief executive John Ruddle said yesterday: “The company is very satisfied with its performance, given external factors. Shannon Heritage is in good shape . . . We have expanded our activities and events calendar over the last two years and we intend to extend this further in 2011.”

He said that staff costs fell by €900,000 last year to €4.5 million as employees last July opted either for a 12.5 per cent cut in hours or a 10 per cent reduction in pay. Increments for management ceased in July 2008 and for staff in July last year.

Mr Ruddle said staff retention remained a priority for Shannon Heritage and that staff numbers are the same as last year.

“The downturn, which started in May 2008, has not abated, but despite this the company’s results have stabilised. This is due to careful cost-control combined with new innovative initiatives and promotions,” he said.