Shannon Development, one of the state agencies recommended for rationalisation under the newly released Bord Snip Nua report, today reported a loss of €5.6 million for 2008 due to a fall-off in rental income and lower revenues from asset sales .The State-owned company made a profit of €732,000 in 2007, according to its annual report published today. The agency manages a large portfolio of State-owned industrial property in the region which stretches from south Offaly to Kerry, and also includes North Tipperary, Clare and Limerick. It also operates the Shannon Free Zone (SFZ) and a number of tourism attractions such as Bunratty Castle through its subsidiary companies.
Meanwhile, Shannon Development announced that nearly 600 new jobs were created in the Shannon Free Zone last year. The agency says the biggest single boost was 250 jobs announced by the medical devices company Zimmer. The total created in the zone last year was 576, but with 468 jobs also being lost during the year, the net gain was just 108.
The agency says there are now more than 7,000 people employed by more than 100 copanies in the free zone. The zone is the only location where Shannon Development has direct responsibility for job creation, through it offers a number of other support services for companies in its region.
Chief executive Dr. Vincent Cunnane said the agency had also worked during the year to secure a 500m euro Shannon LNG project for Ballylongford, Co. Kerry. He said: "This project has the potential to provide up to 60pc of Ireland's project future gas needs. We plan to intensify our focus on securing further energy solutions in the future."
The agency had also signed 35 major tourism marketing agreements with key travel companies world-wide, which had resulted in 426,000 additional bednights for the Shannon Region and boosted visitor spend in the area by over 43m euro.
