Business Irish

Saturday 23 September 2017

Parc’s profits soar as turnover rises 17pc

John Mulligan

John Mulligan

PARC Aviation, the Dublinbased company that is one of the world’s biggest suppliers of leased aircraft crews, boosted its turnover by 17pc to €83.5m in the 12 months to the end of last April, while pre-tax profit rose 35pc to €4.7m.

The firm, which supplies pilots and first officers to airlines, as well as aerospace engineers to clients, has been owned by British-based Oxford Aviation Academy since 2008, when it was acquired from management for about €30m.

Parc has been particularly active in Asia, where customers have in the past included Japan Airlines.

Accounts just filed at the Companies Registration Office for Parc Aviation showed that it incurred total net operating costs of €78.5m in the financial period, including €73.1m in contractor costs.

It also paid a €6m dividend to its Luxembourgregistered parent company during the financial year, according to the accounts.

Directors stated in the accounts they intended to expand operations further via a mixture of organic and acquisition-based growth.

Parc was at one time a subsidiary of Aer Lingus, but it was acquired by management in 1995 with the backing of private equity group Mercury Asset Management, which later became known as Hg. Parc management and staff secured full control of the business in 2007 and it was sold on to Oxford Aviation Academy.

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