Monday 19 February 2018

Losses mount at firm owned by McEvaddy aviation tycoons

Ulick McEvaddy
Ulick McEvaddy

Gordon Deegan

Pre-tax losses at the group owned by aviation tycoons Ulick and Desmond McEvaddy increased more than five-fold to €2.83m in 2013.

New figures show that losses mounted at Omega Aviation Services Ltd as revenues from the sale and lease of aircraft more than halved to €7m.

The group also includes a healthcare business in Naas and overall revenues for 2013 show that income decreased by 36.5pc from €19.69m to €12.52m.

During the year, the firm's losses increased by 477pc going from €491,351 to €2.83m.

According to the directors' report, "reduced turnover and further intra-company loan impairment provisions are the main factors contributing to the loss".

The' report states: "Aircraft leasing was substantially down when compared to 2012. However, a new contract was signed in September 2013 for a potential five-year period which should see a significant increase in leasing income in the company from 2014 onwards."

The directors state they are confident that the five-year contract "will also improve the group's deficiency of assets for 2014".

Shareholder deficit at the end of 2013 totalled €7.67m.

The loss takes account of non-cash depreciation costs of €1.84m.

Numbers employed increased from 73 to 79 with employment costs dipping from €3.74m to €3.61m.

Directors' remuneration for the two McEvaddys remained static at €507,895.

At the end of 2013, Omega Aviation Services Ltd owed the brothers €3m - down from the €3.8m at the start of 2013.

Irish Independent

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