Dublin Aerospace, the aviation maintenance company based out of Dublin Airport, has reported a profit for its 2020 financial year (FY), ended 30 September, 2020. Turnover at €42.8 million was €8.2 million lower than the previous financial year, a 16% decrease. Operating profit for the financial year was €2.59 million (2019: €5.65 million) and profit before tax was €2.66 million (2019: €5.61 million).
Commenting on the announcement, Conor McCarthy, CEO of Dublin Aerospace said: “Given the disruptive and unforeseen circumstances we have all faced this past 12 months, I am very pleased with the overall results we have achieved. We acted fast and reorganised our operations to keep our people safe, whilst continuing to consistently deliver our high quality services in Aircraft Overhaul, Landing Gear and APU repair. 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.”
The company notes that all of its key airline customers had the majority of their fleets effectively grounded since March 2020, whilst many more deferred contracted work in a bid to preserve cash. However COVID-19 only impacted on the business from March 2020, halfway through the FY.
Despite the impact of COVID-19, Dublin Aerospace remains committed to its development plans. Last year, the Directors approved the development of the new Landing Gear Facility based in Ashbourne, Co Meath. Upon completion this facility will have capacity for almost 400 Landing Gear Legs per annum, doubling the current capacity and eventually about 150 people will be employed at Ashbourne.
“Remaining optimistic for the future of commercial aviation and air travel post pandemic, we have continued to invest heavily in the business with the construction of a new Landing Gear facility in Ashbourne Co Meath, which is due to open later this month. This should further underpin our globally competitive position in this segment, ” added McCarthy.