Dublin Aerospace loses €2.1m in first year
AIRCRAFT-maintenance start-up Dublin Aerospace lost close to €2.1m in its first 12 months but expects to turn a profit in the year to September 2011, fresh filings at the Companies House reveal.
The comments give the first detailed picture of Dublin Aerospace's finances and come two years after the Conor McCarthy-led company began talks to take over key assets of SR Technics.
Between its incorporation in April 2009 and September 2010, the company notched up revenue of just over €8m, including some €7.1m from "one-off" aircraft-maintenance customers, plus €900,000 from leasing assets.
Hefty costs pushed it to a €1.3m operating loss, while a €900,000 interest bill triggered pretax losses of just over €2.1m. The company only became fully operational in September 2009, so the figures cover just a year's worth of trading.
"As it continues to grow and as it acquires multiple-unit contracts, the company anticipates a positive EBIT [pretax] result in year two," Dublin Aerospace's directors say in their report.
They add that Dublin Aerospace has won "significant contracts for year two and beyond".
The company has promised 225 jobs in its first five years and employed an average of 57 people in the 2009/2010 period.
Major shareholders include Air Asia founder Tony Fernandes and former Ryanair executive Mr McCarthy.
In December, Bloxhams said the firm could attempt a trade sale or flotation as early as 2013 after beating its full-year targets and signing contracts with Aer Lingus and easyJet.