IAA revenues increase in 2022
- IAA turnover in 2022 was €207.5million
- Group Profit after tax was €9.8 million
- Aviation recovery continues, Summer 2023 will be a very busy season
- IAA restructuring nearing completion, with new IAA as single aviation regulator and air traffic management functions moving to new company AirNav Ireland on 30th April
The Irish Aviation Authority (IAA) has today published its annual report and financial statements for 2022. The Group has reported an operating profit, after tax, of €9.8 million for 2022, an increase of 3% from 2021 of €9.5 million. 2022 saw a significant recovery in commercial aviation across Europe. In January 2022, Irish monthly traffic levels were at 77% of 2019 levels but this percentage rose steadily through the year, and by December had reached 98% of 2019 levels. 1,016,000 flights were safely handled by the IAA, up from 549,600 in 2021.
Turnover increased by 28% to €207.5 million in 2022 from €162.5 million in 2021.
Speaking at the IAA AGM held today, Ms Rose Hynes, Chairman of the IAA said:
“2022 was the last full year report of the IAA before it is restructured as Ireland’s single aviation regulator, with air traffic management functions moving to a new company, AirNav Ireland, and I am pleased to see the Group performed well against a backdrop of global uncertainty.”
Focusing on the separation of the Regulatory and Air Traffic Management functions of the IAA, Ms Hynes said, “the separation provides a great opportunity for both companies, the IAA and the newly formed air navigation services provider, AirNav Ireland, to strengthen their position in an ever more complex sector.”
Sustainability was an important priority for the Board and the Company throughout 2022. Ms. Hynes stated:
“The IAA Air Navigation Service Provider is making good progress on its five-year sustainability management plan and is on track to be net carbon neutral by 2025. During the year the service provider engaged in projects to boost environmental performance on long-haul flights as well as engaging in aerodrome and airspace operational efficiency measures. The IAA safety regulator participates in international fora in discussions on sustainable aviation fuel and the development of new aircraft and engine technologies and utilising carbon offsets.”
Irish Aviation Authority Chief Executive, Peter Kearney said:
“Air Traffic demand recovered strongly throughout 2022. While this has presented immense challenges across the sector, the IAA Air Navigation Service Provider was in a position to ensure the safe and efficient delivery of service when air traffic began to increase. Safety was our Number 1 priority as IAA service provider and will continue to be the Number 1 priority for AirNav Ireland as it becomes operational in the coming days”
“2022 was an important year for restructuring programme, with the Air Navigation and Transport Act being enacted on 7th December 2022. This was a critical milestone for the restructuring project as it has paved the way for the transfer of the air navigation service provision functions to AirNav Ireland. I am really looking forward to leading AirNav Ireland to meet the challenges and opportunities that exist in the aviation sector at present.”
The IAA’s safety regulatory and security oversight responsibilities continued to be delivered in an efficient and professional manner, supporting the Irish civil aviation industry in 2022.
The IAA continued to prepare during 2022 for the restructuring of the company into two legal entities, as provided for in the Air Navigation and Transport Bill 2020. In this regard, Mr Declan Fitzpatrick has been appointed Chief Executive designate of the reconstituted IAA, which will incorporate the functions of the Commission for Aviation Regulation. The IAA will become the single, civil independent aviation regulator, responsible for safety, security, economic and consumer regulation.
Mr. Declan Fitzpatrick of the IAA commenting on the annual report and financial results, said:
“As Ireland’s Aviation Regulator, we witnessed a strong rebound in aviation in 2022, reinforcing the need for a strong safety and security regulatory environment. The IAA continued to provide best-in-class regulatory and compliance services and enhance its strong track record in safety and security certification and oversight, both in Ireland and with our international partners. I note the strong financial results delivered by the IAA Group for 2022 and these will place the Regulator in a strong position to continue to deliver its functions in the interest of the Irish aviation community and consumers.
The full financial results and annual report for 2022 are available on our Annual Report & Accounts page.