Wednesday 28 September 2016

Helicopter firm rises back to profit

Gordon Deegan

Published 10/04/2015 | 02:30

A Coast Guard helicopter in action at the Emergency Services National training exercise last year
A Coast Guard helicopter in action at the Emergency Services National training exercise last year

The firm that operates the €500m State contract to provide helicopter Search and Rescue (SAR) services returned to profit last year after revenues rose by 46pc to €42m.

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New figures lodged by CHC Ireland show that the firm recorded a pre-tax profit of €427,000 after a pre-tax loss of €3.14m in 2013. Revenues jumped from €28.8m to €42m.

CHC Ireland provides the SAR Service from its four main bases at Dublin, Sligo, Shannon and Waterford for the State and began a 10-year €500m contract with the Government in 2012.

The Air Corps withdrew from limited SAR duties in 2004 and the contract with the Canadian-owned CHC has the option to extend for a further three years on a year-by-year basis.

The new accounts filed for the 12 months to the end of April 30 last show that CHC's staff are well rewarded.

The 119 staff received an average salary of €106,512 last year or an aggregate €12.67m.

According to the directors' report, "flying hours for SAR operations were 3,193 compared to 2,739 in the previous year.

The report adds: "During the year, the company derived a large percentage of its revenue from the provision of SAR service. The company believes its competitive position will enable it to continue to be a major provider of these services."

Irish Independent

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