Pre-tax profits at aircraft maintenance group, Dublin Aerospace last year increased by 45% to €3.28m.
New accounts show that Dublin Aerospace Ltd recorded the increase in pre-tax profits after revenues surged by €10.25m or 23pc from €44.37m to €54.63m in the 12 months to the end of September 2023.
Aviation entrepreneur, Conor McCarthy who founded the company is chairman of Dublin Aerospace.
Mr McCarthy also leads the operator of Aer Lingus regional services, Emerald Airlines and has been a vocal critic of the Dublin Airport 32 million passenger per year cap.
The principal activities of Dublin Aerospace relate to the maintenance, repair and overhaul of airframes and components.
The pre-tax profits of €3.28m follow pre-tax profits of €2.26m in 2022.
The directors state that Dublin Aerospace "has substantially grown revenue and operating profit for the financial year ended September 2023".
They state that the company's "aircraft maintenance and overhaul operation based in Dublin airport continues to perform solidly on a year-on-year basis and remains the core of the company’s business".
They state that "the results for APU (Auxiliary Power Units) overhaul improved significantly compared to the 2022 financial year. The company’s landing gear business unit delivered a positive result notwithstanding some resourcing challenges that emerged during the year.
They state that "the company’s strategy continues to be the delivery of a high-quality service to its customers in a highly efficient and cost effective manner".
The directors further state that the company "has continued to earn profits subsequent to the year-end based on information presented in the unaudited management accounts".
The business recorded operating profits of €3.42m and interest payable of €147,400, offset by €3,781 in other income, reduced to a pre-tax profit of €3.28m.
Numbers employed in 2023 decreased by 13 to 368 as staff costs increased from €16.4m to €17.09m. Pay to key management personnel totalled €2.76m.
Pay to directors totalled €128,720.
The profits take account of €1.33m in non-cash depreciation costs and lease costs of €1.77m along with a gain of €65,389 in foreign exchange.
The company recorded a post tax profit of €2.9m after incurring a corporation tax charge of €381,602.
The company’s revenues were made up of €54.37m in 'rendering of services’ and €256,973 in lease income.
At the end of September 2023, the firm’s shareholder funds totalled €36.4m that included accumulated profits of €29.79m.
The company’s cash funds increased from €3.47m to €5.11m
Reporting by Gordon Deegan
