Parc Aviation’s pre-tax profits increase by 84%

Pre-tax profits at Dublin-based aviation firm Parc Aviation last year soared by 84% to €4.6 million as revenues increased.

According to accounts just filed with the Companies Office, pre-tax profits rose from €2.5m to €4.6m in the 11 months to Mar 31, 2013. The company increased its revenues last year by 11% from €97.5m to €108.6m.

CAE Parc Aviation provides aviation personnel on lease to airlines and aviation support organisations and is currently providing more than 1,400 flight crew and technical personnel, contracted to 70 clients who are operating 20 different aircraft types in more than 40 countries.

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

“Maintaining operating margins continues to be challenging and margin decreases were recorded on some contracts, resulting in a reduction in overall operating margins,” it states.

“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.”

The former Aer Lingus subsidiary was part of the Oxford Aviation Academy that was purchased by Canadian group CAE for C$314m (€209m) in May of 2012.

During the period under review, Parc Aviation paid a dividend of €2.8m to its parent. This followed a dividend payout of €2m the previous year.

Accumulated profits at Parc Aviation last year increased to €7.7m following the dividend payout and profits. The company’s shareholder funds of €7.9m included cash of €3.4m.

The company’s net operating costs of €103.95m were last year made up of €98.6m in contractor costs; €3.9m in staff costs and €1.4m in “other operating charges”.

The board shared €697,000 in remuneration last year — an increase on the €639,000 received in 2012.