Dublin Aerospace profits up 20pc
PRE-TAX profits at aircraft-maintenance company Dublin Aerospace increased by 20pc last year to €3.67m.
New accounts show that revenues at the company increased by 4pc, rising from €43.54m to €45.24m, in the 12 months to the end of September last.
According to the directors’ report, “the increase in turnover was principally accounted for by higher volumes in aircraft overhaul activity but turnover in each business unit increased year on year”.
The company was established in 2009 by Conor Mccarthy and commenced operations at the former SR Technics site at Dublin Airport. SR Technics closed with the loss of more than 1,000 jobs earlier in 2009.
Last year the firm paid €300,000 in dividends and this followed a similar payout in 2015. Numbers employed last year increased from 231 to 245, with staff costs totalling €10.8m. Directors’ remuneration amounted to €150,213.
The profit last year takes account of non-cash depreciation costs of €1.6m and lease costs of €1.9m.