Operating profits fall 30pc at Parc but turnover still at €83m
Published 05/02/2011 | 05:00
Parc Aviation, the Ireland-based aviation personnel provider, recorded a 30pc decline in operating profit to €3.5m in the 12 months to the end of last April, according to accounts just filed for the business.
Turnover was unchanged at €83m, even though directors said they substantially increased the volume of business in the company's core pilot contracting unit.
The directors have cited the same volume increase in previous results where turnover rises have been very modest.
Parc recruits airline pilots and other staff for carriers all over the world.
Its clients include many of the world's most recognised airlines, with the bulk of its business in Asia.
The company is now owned by Oxford Aviation Academy, having been sold in 2008 for about €30m.
That sale marked the end of what was the Parc Group.
Former staff and board members who owned it are thought to have shared €20m in proceeds once debts were cleared.
The accounts for Parc also show that shareholder funds at the end of last April topped €12m.
The company employed 52 people, who shared a total of €3.1m in salaries.