Profits double at rescued plane firm
Newly-filed accounts for the company — which exited examinership in 2015 — show revenues increased by 70% to €25.15m.
The Shannon-based group — formerly known as Transaero Engineering — entered examinership in January, 2015, and exited three months later.
The business had been owned by Russian group, Transaero Airlines, which said, in December, 2014, that it was “fighting for its survival”, due to sanctions on Russian businesses.
Aer Lingus was one of the large creditors to take a hit from the rescue of the firm, receiving just 5% of the €1.8m it was owed. A private investor and former Siteserv director, Patrick Jordan, paid €2.5m to take over Transaero.
The new accounts show that, last year, Atlantic Aviation generated a post-tax profit of €1.68m, after receiving a tax credit worth €200,000. As of the end of last year, the company employed 231 people, with staff costs for the year amounting to €10.5m.
Total compensation paid to key management last year was €470,851, while directors pay amounted to €5,123.
A number of managerial changes have been made since the examinership was completed, and the management team was strengthened last year, particularly in HR, marketing, and operations.
The company said it focused on stabilising the business by growing its revenue line, improving efficiencies, and reducing its cost base. It added that it held a positive outlook for the current year.
