CIÉ posted its first surplus in seven years, as the public transport semi-State saw a record number of passengers use its services in 2023.
The surplus is “hugely significant”, chief executive Lorcan O’Connor said in the company’s annual report published on Thursday. “It is reflective of the commitment of our 11,000-strong workforce and it also includes the strong commercial performance of CIÉ Tours, in a year which fully emerged from Covid-19 pandemic restrictions.”
Revenue increased to €1.7 billion from €1.5 billion, driven largely by an increase in public service obligation income. Revenue from operations fell from €656 million to €612 million. Overall the company posted a net surplus of €10.7 million, compared with a €27.8 million deficit in 2022.
Despite the surplus, Mr O’Connor warned of a “cloud” over the company in the form of the firm’s pension issues. The company had a net defined benefit pension liability of €371 million, down from €397 million a year ago.
File being prepared for DPP over insider trading
Christmas tech for kids: great gift ideas with safety features for parental peace of mind
MenoPal app offers proactive support to women going through menopause
Ezviz RE4 Plus review: Efficient budget robot cleaner but can suffer from wanderlust under the wrong conditions
“Pension funding challenges remain an issue for the group and while the FRS 102 current service cost reduced, reflecting market trends in discount rates, a large liability remains on the group’s balance sheet,” Mr O’Connor said. “This highlights the fragility of the group’s financial position and the sustainability challenges of our current pension schemes.”
A record of close to 300 million passengers travelled on Irish Rail, Bus Éireann or Dublin Bus services last year, CIE said, with Bus Éireann in particular recording the most passenger journeys on its buses in at least six years. Dublin Bus and Irish Rail saw their most passenger journeys since before the pandemic.
The company paid out about €2 million in legal costs tied to 38 cases where the cost exceeded €50,000, it said. It also paid out a net €9.3 million on consultants during the year.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
