Dublin Aerospace generates record €3m profit
Profits at aircraft maintenance firm Dublin Aerospace nearly doubled to a record €3m last year as its workload increased.
It has also just won a five-year contract with Malaysia-based AirAsia to provide maintenance for the carrier's landing gear. It beat competition from a Chinese aircraft maintenance firm to secure the contract.
Revenue at the company, which was founded by former Ryanair executive Conor McCarthy and is backed by investors including AirAsia founder Tony Fernandes and Airbus maker EADS, rose 13pc to €43.5m in the financial year to the end of last September - the highest ever at the firm.
Mr McCarthy, who's executive chairman at the company, based at Dublin Airport, also helped to establish Malaysia-based AirAsia.
He founded Dublin Aerospace in 2009 after SR Technics controversially decided to close its operation at the airport.
Speaking to the Irish Independent, Mr McCarthy said he hopes this year's financial performance to be at least in line with the previous year.
He said the company has also just secured a three-year pay deal with its staff.
They'll receive a 2pc pay increase every year for those three years. The company employs over 400 people during its peak winter maintenance season and over 200 the rest of the year. It also shares 10pc of its profits with employees every quarter.
Mr McCarthy attracted significant investment to Dublin Aerospace, which has been profitable since it was established.
Yesterday, it also began a major recruitment drive for apprentices. It already has 89 and will take on another 40.
The company performs base maintenance for Boeing and Airbus narrow-body aircraft. It also overhauls landing gear and auxiliary power units (APUs), which provide electricity to aircraft and help engines to start.
The company's customers include airlines and lessors such as EasyJet, AerCap, SMBC, EgyptAir and British Airways.
Dublin Aerospace can handle about 70 aircraft a year, while it can also provide maintenance for about 400 APUs every year.