Wednesday 17 October 2018

Profits soar at Dublin Aerospace

The directors said the revenue increase arose from higher volumes of aircraft overhaul activity. Stock Image: PA
The directors said the revenue increase arose from higher volumes of aircraft overhaul activity. Stock Image: PA

Gordon Deegan

Pre-tax profits at Dublin Aerospace increased by 17pc to €4.3m last year as the company continued on its growth path.

The increase in profits followed revenues increasing by 4.4pc, going from €45.24m to €47.34m, in the 12 months to the end of September last.

The directors said the revenue increase arose from higher volumes of aircraft overhaul activity. Numbers employed last year increased from 245 to 264 and staff costs last year totalled €11.84m.

The total remuneration for key management personnel totalled €2.3m.

The company was established in 2009 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.

Shareholder funds at Dublin Aerospace totalled €20.2m that included accumulated profits of €13.6m. It recorded a post-tax profit of €3.68m after paying corporation tax of €616,000. The company's cash pile increased from €5.77m to €7.38m.

Directors' remuneration totalled €141,688. The profit takes account of non-cash depreciation costs of €1.8m.

Irish Independent

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