Aviation company flying high as pre-tax profits rise 16%

Pre-tax profits at Dublin-based aviation firm, Parc Aviation last year increased by 16% to €3.92m.

Accounts just filed with the Companies Registration Office show that revenues at Parc Aviation Ltd rose by 14% from €83.5m to €95.4m in the 12 months to the end of April 2011.

The company — which also has offices in Shannon, Beijing and Tokyo — made a €10m dividend payout during the year.

Parc Aviation is a global leader in providing aviation personnel on lease to airlines and aviation support organisations and is currently providing more than 800 personnel contracted to 60 clients in 20 different counties.

According to the director’s report, the company “succeeded in increasing substantially the volume of the business in its core airline pilot market”.

“The company plans to expand further through a mixture of organic and acquisition-based growth, with the objective of consolidating its position as the leading supplier of specialist staff and services to the aviation sector.”

Accumulated profits at the former Aer Lingus subsidiary last year reduced to €5.6m following the dividend payout. The company’s shareholder funds of €5.8m included cash of €4.9m.

The figures show the six-member board shared €776,000 in remuneration last year.

The numbers employed by the firm last year increased by one to 52 with staff costs, including directors’ pay, increasing marginally from €3.7m to €3.74m

The company last year increased its operating profit by 17% from €3.5m to €4.1m. Net interest payments increased from €145,000 to €186,000.

According to the directors’ report, “the directors recognise the difficulties that most companies in the aviation industry are facing in the current global downturn.

“Due to the geographical spread of the company’s clients and the diversity of the company’s business portfolio, the company is currently well positioned to weather these difficulties.”

Originally a subsidiary of Aer Lingus, the ownership of Parc Aviation passed to management following a buyout in 1995.

In July 2008, Parc Aviation was acquired by the Oxford Aviation Academy group, which is owned by the US General Electric Corporation and STAR Capital Partners.