Monday 23 April 2018

Profits soar to €1.4m at Atlantic Aviation

Stock image
Stock image

Gordon Deegan

Pre-tax profits at the Shannon-based aircraft maintenance firm, the Atlantic Aviation Group, last year almost doubled to €1.48m.

The business exited examinership in 2015 and new accounts show that revenues increased by 70pc to €25.15m.

The prior period was for eight months and the directors state that the outlook for the business is positive.

Numbers employed by the company last year increased from 217 to 231.

The directors' report states that "since its successful exit from an examinership process in April 2015, the directors have focused on stabilising the business by growing the revenue line, improving efficiencies and reducing the cost base and will continue to do so throughout 2017".

The report states: "The directors are satisfied with the profitable results for the year and the outlook is positive.

A number of managerial changes have taken place and the team has been strengthened in operations, marketing and Human Resources (HR) to provide a platform for ongoing profitable growth."

Cathal Kilmartin was appointed to the board in May of this year.

The Shannon-based group - formerly Transaero Engineering - entered examinership in January 2015 and exited three months later in April. Patrick Jordan, a private investor and former director at Siteserv, paid €2.5m to take over Transaero.

Irish Independent

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