In a momentous year for the semi-state public transport company CIÉ, it recorded its first surplus in seven years in 2023, whilst facilitating a peak number of passengers. Lorcan O’Connor, the company’s CEO, addressed the significance of this surplus in their annual report published last Thursday, praising the commitment of their 11,000 employees and attributing the surplus to a strong commercial performance by CIÉ Tours, especially in a year rebounding from COVID-19 restrictions.
The company’s revenue saw impressive growth, increasing to €1.7 billion from the previous year’s €1.5 billion, largely fuelled by a surge in public service obligation income. Operations-based revenue, however, saw a dip from €656 million to €612 million. Far from the deficit of €27.8 million experienced in 2022, the company declared a substantive net surplus of €10.7 million.
But, O’Connor cautioned that looming pension concerns cast a shadow on the company’s apparent success. CIÉ saw a marginal decrease in its net defined benefit pension liability, reaching €371 million from the previous year’s €397 million. He stressed the fragility of the group’s financial standing and the continuing sustainability issues surrounding their pension schemes.
In terms of usage, nearly 300 million passengers had utilised services from Iarnród Éireann, Bus Éireann, or Dublin Bus last year, marking a record for CIÉ. Bus Éireann, in particular, noted the highest number of passenger journeys in a minimum of six years. Both Dublin Bus and Iarnród Éireann also marked their highest passenger frequencies since pre-pandemic times.
During the year, the company also incurred around €2 million in legal costs related to 38 cases where the cost outstripped €50,000. Additionally, it incurred a net spend of €9.3 million on consultancy services.