€1m profit for aircraft overhaul firm after sales triple
SALES almost tripled to €22.9m 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, the firm recorded a pre-tax profit of €1m in the 12 months to the end of September 30 last after it recorded a loss of €2.1m in the 17 months to the end of September 2010.
Earnings before interest and tax (EBIT) for 2011 was €2.2m compared to a negative EBIT of €1.3m in 2010.
Dublin Aerospace was established in 2009 by Conor McCarthy and began operations at the former SR Technics site at Dublin airport. Last year, Mr McCarthy won the Ernst & Young Emerging Entrepreneur of the Year.
Yesterday, Dublin Aerospace chief executive Donal Rogers said: "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."
The average number of people employed by the firm increased from 57 to 107 last year and Mr Rogers confirmed that the number has now increased to 200 with the aim to further increase it 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. It is a very competitive market out there and we are conscious of that at all times and the quality of our work has been very good and that has resulted in repeat business."
The report says that the firm undertook significant capital expenditure during the year which it financed out of its own resources.