Dublin Airport Authority (DAA) has reported an after tax profit of €40m for 2014 - an increase of 41 percent compared to the previous year.

Passenger numbers increased by 8 percent last year - growing to 21.7 million and new records were set for long-haul traffic (up by 14 percent) and transatlantic traffic.

Turnover increased by 13 percent to €564m - earnings were boosted by high passenger numbers, increased commercial income, and revenue from its overseas retail business.

When exceptional items are accounted for after tax profits declined by 50 percent to €19m. This was due to the impact of a €21m exceptional charge relating in part to a €72m investment made in resolving its long-running pension dispute.

Total retail sales at Dublin and Cork airports increased by 6 percent to €227m last year, as average passenger spends were maintained, despite the impact of a major upgrade of the retail area at Dublin Airport’s Terminal 1.

Chief executive Kevin Toland described 2014 as a "solid year of progress," he continues, "We had our highest overall passenger growth since 2007, and our international travel retail business Aer Rianta International performed strongly in continuing markets."