Helicopter rescue firm CHC Ireland lands profit of €3.4m

Profits at the company that operates the €500m State contract to provide helicopter Search and Rescue — SAR — services last year increased eight-fold to €3.4m.

New figures lodged by CHC Ireland Ltd show the firm recorded the sharp rise in pre-tax profits after revenues jumped by almost €10m to €48.38m.

Canadian-owned CHC Ireland provides the SAR Service from its four main bases at Dublin, Sligo, Shannon, and Waterford for the State.

Its 10-year €500m contract started in 2012 and CHC has an option to extend for a further three years on a year-by-year basis.

The Air Corps withdrew from limited SAR duties in 2004.

Purchase orders for 2015 published by the Department of Transport show CHC Ireland Ltd last year had fees of €37m, and a connected firm, CHC Shannon, also received payments.

The CHC Ireland accounts, which are for the 12 months to the end of April, show its 129 staff were paid a total of €13.94m.

Average pay, including pension payments, runs out at over €125,000.

“The profit for the year was realised following the completion of the transition to new S92 aircraft.

"Flying hours for SAR operations were 3,331 compared to 3,193 in the previous year,” according to the directors’ report.

“The company believes its competitive position will enable it to continue to be a major provider of these [SAR] services,” it says.