PROFITS at Dublin-based Eirtrade Aviation, whose activities include aircraft disassembly, surged more than six-fold last year to over €1.8m as turnover more than doubled to €28m, newly filed accounts show.
The company took delivery at Knock airport of an ex-Air France A380 double-decker jet in February which it is currently disassembling. It was due to take delivery of three more of the large aircraft that had been used by the carrier, which has begun retiring the aircraft from its fleet.
Eirtrade had been wholly owned by chief executive Ken Fitzgibbon before businessman Patrick Jordan took a 50pc share in the company last year. Mr Jordan is now chairman at the company.
Mr Jordan sold his scaffolding firm Easy Access to Siteserv in 2006 for up to €23m in cash and shares and was subsequently an executive at the group.
He acquired Shannon-based aircraft maintenance firm Atlantic Aviation, formerly Transaero, out of examinership in 2015 for just €1m. He also pledged €1.5m in working capital for the business. Atlantic Aviation's parent is a company called Quadview, which was used by buy Mr Jordan's Eirtrade stake.
The newly-filed accounts for Eirtrade show that the €28m turnover last year compared to the €12.5m the company generated in 2018.
"There was a significant increase in turnover and profitability in the year as a result of favourable market conditions and high-demand material in stock and on consignment," said the accounts note.
"A new shareholder invested into the company during the year and their knowledge and experience contributed to this performance."
Apart from aircraft and engine disassembly, the firm also provides technical services, aircraft trading, brokerage and storage services.
The company also warned the Covid pandemic has had an impact on its business.
"Aviation has been adversely impacted by Covid-19 and Eirtrade has seen a drop in sales activity as a result," it said.
"Much of Eirtrade's activity is driven by consignment, so the company is not directly exposed to asset impairment risks," it added.
"However, management expects that activity will return to pre-Covid-19 levels in the coming weeks when aviation activity recommences."
It said its most recent consignment is performing strongly.
"The company's pipeline remains strong and a number of new consignments are expected later in the year," the company noted.
The accounts were signed off last month.
The company, which employs about 25 people, has a hangar at Ireland West Airport Knock, where the former Air France A380 landed in February.
"Eirtrade, as part of its ongoing business at the airport, has completed similar projects on the Boeing 737, 757 series aircraft and Airbus A320 families which has proven their capabilities in the area of complex disassembly for an international customer base," noted the airport at the time.
It added: "The airport board are continuing discussions with Government and its stakeholders in regard to the construction of a large hangar facility that would support the further development of aircraft disassembly, repair and maintenance at the airport which in turn would lead to the creation of an aviation hub."