Aircraft firm, Dublin Aerospace, profits double last year

Pre-tax profits at aircraft maintenance company Dublin Aerospace last year almost doubled to €3.07m, new figures show.

Aircraft firm, Dublin Aerospace, profits double last year

Newly filed accounts for the company, which was founded by former Ryanair executive Conor McCarthy, show the business recorded an 85% jump in pre-tax profits as revenues increased by 13% to €43.54m.

“The increase in turnover was principally accounted for by higher volumes in aircraft overhaul activity but turnover in each business unit increased year-on-year,” the company’s management said in the accounts.

That report also said that the company is focused on delivering a high-quality service to its customers.

Dublin Aerospace was established in 2009 by Conor McCarthy and started operations at the former SR Technics site at Dublin Airport shortly after that company closed with the loss of over 1,000 jobs earlier in 2009.

The firm today operates from a 20,000sq m maintenance facility capable of handling around 70 aircraft per year.

Dublin Aerospace’s staff size grew from 196 to 231 last year, comprising 209 in maintenance and engineering; 11 in support services; eight in senior management and three in sales and marketing.

Staff costs increased by 9% to €10.7m and the firm closed its financial year with 54 apprentices on its books.

Directors’ pay reduced marginally from €150,869 to €148,713.

The company’s clients include Aer Lingus, Boeing, Easyjet, British Airways, Air Asia,and DHL.

The growth of Dublin Aerospace has been overseen by former chief executive Donal Rogers, who left late last year after five years in the job.

Mr Rogers has been replaced by former Vector Aerospace executive Michael Tyrrell, who has more than 20 years experience in the business.

Mr Tyrrell started his career in the construction industry with the UK arm of Clonmel-founded engineering firm Kentz, working on various projects in the London area as he trained as an accountant.

The figures show that the firm’s operating profits increased by €1m to €3.28m.

Accumulated profits last year totalled €6.78m with the company’s shareholder funds standing at €13.32m. The firm’s cash last year jumped from €1.57m to €2.36m.

The firm recorded its jump in pre-tax profits after interest payments of €337,569 and a profit of €130,218 on the disposal of fixed assets were taken into account.

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