Profits soar to €3.78m at Parc Aviation
Pre-tax profits at Dublin-based aviation firm Parc Aviation increased by 17pc to €3.78m last year as revenues increased.
Accounts recently filed with the Companies Office show that pre-tax profits at Parc Aviation Ltd increased as revenues went up by 7pc, rising from €125.6m to €134.45m, in the 12 months to the end of March last.
CAE Parc Aviation is a global leader in providing aviation personnel to airlines and provides recruitment services to 70 clients in over 60 countries.
The firm is in the process of adding 80 jobs in Dublin and Shannon over a three-year period.
According to the director's report, the company recorded an increase in the volume of business resulting in an increase in gross profit.
The directors said there was heavy investment in overheads to enable the company to continue this growth in future years and to meet customer demands.
On its future outlook, the directors said the company plans to expand through a mixture of new clients and increased product offerings.
Their objective is to consolidate the company's position, describing it as the leading supplier of specialist staff and services to the aviation sector. During the period under review, Parc Aviation paid a dividend of €4m to its parent - this followed a dividend payout of €3m in the prior year.
Accumulated profits at Parc Aviation at the end of last March totalled €7.9m.
The firm had cash of €5.7m at year end.
Net operating costs of €132m were last year made up of €122.28m in contractor costs; €6m in staff costs; and €4m in "other operating charges".
The figures show that the directors shared €588,000 in remuneration.
Numbers directly employed increased from 90 to 107 with staff costs increasing to €6m.