Pre-tax profits at aviation services firm Parc Aviation last year plummeted by 79% to €1.269m.
New accounts filed by Parc Aviation Ltd show that pre-tax profits declined despite revenues rising by 2% from €81.58m to €83.37m in the 12 months to the end of March last.
The principal activity of the company is the provision of aviation-related services to clients worldwide and these services include the recruitment and supply of specialist aviation personnel, technical, engineering and aircraft movement services.
On the future outlook of the business, the directors state that “in the short term there is a level of uncertainty in the airline market”.
They state that the company has a diversified offering to the airline sector that includes offering to leasing companies, engine inspections and provision of services to cargo clients.
They added that this level of diversification helps protect the company while the passenger airline industry continues to recover.
The company also plans to expand further through a mixture of new clients and increased product offerings, with the objective of consolidating its position as the leading supplier of specialist staff and services to the aviation sector.
During the year, the company paid a dividend of €2m after paying out a dividend of €5m in the prior year.
The company only recorded a profit due to €3.3m received in income from shares in group undertaking.
It recorded revenues of €83.37m but its operating costs totalled €85.42m.
The bulk of operating costs of €85.4m was made up of contractor costs of €73.28m which was an increase on the €70.86m spent on contractor costs in 2023.
The company also incurred other operating charges of €3.59m and a non-cash impairment of €1.7m on amounts owed by group undertakings.
Numbers employed at the end of March last year remained at 118 with staff costs dipping slightly from €6.96m to €6.8m.
The former Aer Lingus subsidiary was part of the Oxford Aviation Academy that was purchased by Canadian group CAE for C$314m in May of 2012.
Accumulated profits at Parc Aviation at the end of last March totalled €4.88m following the dividend payout and profits.
The firm’s cash decreased from €8.36m to €7.63m.
The company said its profits take account of combined non-cash depreciation and amortisation costs of €726,000. Directors’ pay decreased from €558,000 to €374,000.
Reporting by Gordon Deegan
