Wednesday 21 February 2018

Parc Aviation pre-tax profits fall 36pc despite strong sales

Gordon Deegan

Pre-tax profits at Dublin-based aviation company Parc Aviation fell by 36pc to €2.5m despite robust sales.

Accounts just filed with the Companies Office show pre-tax profits at Parc Aviation decreased from €3.9m to €2.5m in the 12 months to the end of last April.

The filings disclose that the Dublin-headquartered company increased its revenues last year by 2pc from €95.4m to €97.5m.

CAE Parc Aviation is a global leader in providing aviation personnel on lease to airlines and aviation support organisations and is currently providing more than 1,400 flight crew and technical personnel contracted to 70 clients operating 20 different aircraft types in over 40 countries.

According to the director's report, the company to the end of April last "succeeded in increasing the volume of the business in its core airline pilot market".

The former Aer Lingus subsidiary was part of the Oxford Aviation Academy that was purchased by Canadian group CAE for C$314m in May of last year.

During the period under review, Parc Aviation paid a dividend of €2m to its parent – this followed a dividend payout of €10m in the prior year.

Accumulated profits at Parc Aviation last year increased to €6m following the dividend payout and profits.

The company's shareholder funds of €6.2m included cash of €2.1m.

The company's net operating costs were last year made up of €88.8m in contractor costs; €3.7m in staff costs and €2.29m in "other operating charges".

The figures show that the six-member board shared €639,000 in remuneration last year – a drop on the €776,000 received in 2011.

The numbers employed by the firm last year increased by six to 58 with staff costs – including directors' pay – increasing marginally from €3.74m to €3.75m.

Irish Independent

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