Revenues increased almost threefold to €22.89 million at Dublin Aerospace last year as the aircraft overhaul firm recorded a profit in only its second full year of operation.
According to figures returned to the Companies Office, Dublin Aerospace recorded a pre-tax profit of €1m in the 12 months to the end of September 30 last after the firm recorded a loss of €2.1m in the prior 17 months to the end of September 2010.
The returns show the firm increased revenues last year by 185% from €8m to €22.89m.
The aircraft maintenance firm was established in 2009 by Conor McCarthy and began operations at the former SR Technics site at Dublin Airport. SR Technics closed with the loss of over 1,000 jobs earlier in 2009.
Last year, executive chairman Mr McCarthy won the Ernst & Young entrepreneur of the year in the emerging category.
Dublin Aerospace Ltd’s chief executive Donal Rogers said yesterday: “We are happy with the result. Not as much as we would like in terms of revenues and profits, but it is a good result in a difficult market.”
He said he was expecting increased revenues and profits in the current financial year. The average number of people employed by the firm increased from 57 to 107 last year and Mr Rogers confirmed the number has now increased to 200 with the aim to further increase that number to 300 in the next two to three years.
He said: “We have a very young business here and we have grown a little quicker than was envisaged in our original business plan.”
According to the directors’ report “the company intends to build on the success to date and drive growth in all its operations based on the reputation the company has gained in the marketplace for high quality workmanship at competitive prices”.
The report states that the firm’s earnings before interest and tax (EBIT) for 2011 was €2.2m compared to a negative EBIT of €1.3m in 2010.
The report states that the firm undertook significant capital expenditure during the year which it financed out of its own resources.
This contributed to the firm’s cash last year declining from €3.4m to €2.3m.
Last year, the firm — controlled by a consortium of investors — paid €1.1m in interest payments. The firm’s cost of sales increased from €5.3m to €13.9m with administrative expenses increasing from €3.9m to €6.7m
The profit also takes account of non-cash depreciation costs of €1m last year. The firm’s shareholder funds last year stood at €5.4m. Staff costs at the firm last year increased from €2.3m to €4.7m.
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