Dublin Aerospace Posts Profit During Crisis
Despite the impact of the COVID-19 crisis, Dublin Aerospace posted a €2.6 million ($3.2 million) pre-tax profit for the past financial year ending September 30, 2020.
The Irish MRO saw its turnover hit in the one-year period, posting a 16% decrease of €42.8M, standing €8.2M lower than the previous financial year. Its €2.6 million pre-tax profit was also down from the previous year’s €5.6 million.
Dublin Aerospace cited the second half of the financial year between April to September 2020 as being particularly difficult “due to the extreme and unprecedented public health measures necessitated by the pandemic.” It says that during this period, the majority of its main airline customers had grounded most of their fleets with many more deferring contracted maintenance work in a bid to preserve cash.
“As expected, our revenues were impacted significantly during the latter half of the year, but the availability of Irish Government wage supports helped maintain full employment and support our financial position,” says Conor McCarthy, CEO of Dublin Aerospace.
Despite the challenges of the past year, the MRO has still made plans to expand its business in Ireland and beyond. Last year, it approved the development of the new landing gear facility based in Ashbourne in the County Meath region of the country. Once built, the facility will have capacity for almost 400 Landing gear legs annually, doubling the current capacity and eventually leading to the employment of around 150 people.
It also established its first facility outside of Ireland after acquiring the Exeter, UK-based facility of defunct airline Flybe in September 2020 from administrators EY. Operating as Exeter Aerospace, the business specializes in the overhaul of ATR and DeHavilland Turboprop aircraft in addition to Embraer Regional Jets and will complement the company’s existing Airbus and Boeing base maintenance capabilities at Dublin.