This article is from page 6 of the 2010-01-12 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 6 JPG
THE region’s flagship tourism company sustained losses of over €250,000 in 2008 as visitor numbers continued to plummet last year.
Shannon Heritage Ltd operates Bunratty Castle and Folk Park along with King John’s Castle in Limer- ick and accounts just returned to the Companies’ Office show that the Shannon Development subsidiary in- curred losses of €254,476 to the end of December 2008.
This followed the company return- ing a pre-tax profit of €27,745 in 2007.
Confirmation of the losses coincide with the company absorbing a 13 per cent drop in visitor numbers last year to around 440,000. This follows a 13 per cent drop in 2008 resulting in a total drop of 141,000 visitors over two years.
This has resulted in the company — which employs 300 – imposing a 10 per cent pay reduction or 12.5 per cent reduction in hours worked, for staff and management.
Chief executive John Ruddle con- firmed the pay/hours reduction yes- terday, but stated: “Overall, staff numbers remain unchanged during 2009 despite the global downturn. The company is making the retention of its full staff a key 2010 priority in this very difficult climate.
“The Shannon Heritage operation is vitally important to tourism in the Shannon region as it continues to an-
nually contribute an estimated €20 million to the local economy and in- directly supports many more jobs in the wider region.”
In 2008, Shannon Heritage sus- tained a 10.5 per cent drop in gross profit from €9muiullion to €8&million that year. The €245,000 loss sus- tained in 2008 reduced the company’s accumulated profits to €621,237.
Describing 2009 as a very chal- lenging year when the company had to make adjustments to work- ing arrangements, Mr Ruddle said
that some visitor sites had a slightly shorter season, and minor adjust- ments to opening hours were also introduced in 2009. However, all ac- tivities are going ahead as normal for 2010.
“After five years of strong growth to 2007, Shannon Heritage, like most businesses 1n the tourism sector, has experienced the effects of the world recession. While 2009 results are not yet available, a 13 per cent decline in visitor numbers is anticipated. While any loss is disappointing, the
company is satisfied with the results given the dramatic fall in US visitor numbers to Ireland.”
The accounts show that visitor num- bers to Bunratty Castle and Folk Park dropped from 343,675 to 305,557, while visitors to Bunratty Banquets dropped from 65,878 to 57,911.