Dublin Aerospace set to double its profits
The chief executive of Dublin Aerospace said yesterday that pre-tax profits at the firm are set to almost double this year.
Donal Rogers was commenting on new accounts filed by Dublin Aerospace showing that pre-tax profits at the aircraft maintenance firm fell by 35pc to €1.65m in the 12 months to the end of September last.
This followed revenues declining by 2.7pc from a record €39.54m to €38.46m.
However, Mr Rogers said yesterday that in the current year, the firm expects revenues to be 10pc higher "and net profits to be close to double the 2014 results".
On the 2014 performance, Mr Rogers said "whilst it is always disappointing to see a reduction in profit, this was primarily due to the lower volumes in aircraft overhaul".
The directors' report said that "the company was not prepared to gain work at unsustainable prices in the market as the company still maintains its focus on delivering a high quality service in a highly efficient and cost effective manner at fair pricing".
Mr Rogers said: "As a result of the actions taken in 2014 the volumes in aircraft overhaul and the two other business units, namely Auxiliary Power Unit (APU) and Landing Gear (LG), have increased in the current year and our expectations are that the current year results, both revenue and profit, will be substantially better than the 2014 results and even higher than the 2013 results."
The company was established in 2009 by Conor McCarthy and commenced operations at the former SR Technics site at Dublin airport. SR Technics closed with the loss of over 1,000 jobs earlier in 2009.
The average number employed at the firm last year rose from 162 to 196, made up of 177 in maintenance and engineering; eight in support services; eight in senior management and three in sales and marketing.
Staff costs increased by 9pc from €8.36m to €9.12m.