FLS’s Irish losses soar to €10 million

THE aircraft maintenance company FLS Aerospace made losses of €10 million in Ireland last year.

Accounts for 2003 just filed at the Companies Registration Office show that losses for the year rocketed up from €0.6 million in 2002.

Overall turnover for the firm, which was acquired by Swiss firm SR Technics in February, also slid, down by €1 million to €123m.

However, its Irish turnover rose from €57m to €68m, with a €1m fall in that generated from European customers to €48m. Turnover generated outside Ireland in Europe fell from €17m to €5.9m.

FLS said in the accounts: “2003 proved to be another difficult year, with the market being impacted by SARS and the Iraq war. This did reduce the positive impact of restructuring that took place in 2002.

"The company has as a consequence of the above, suffered from reduced volume in aircraft overhaul, partly offset by a good performance in other business areas, though overall leading to an unsatisfactory financial performance in 2003.”

Last year, the company cut 50 jobs following an earlier reduction in 2001. It now employs fewer than 1,500 people. About 1,000 of these are in the field of aircraft maintenance.

The former TEAM Aer Lingus, which services many of Europe's top airlines, was bought for €47 million in February. Accounts also show an €11 million deficit in its pension fund.