Pre-tax profits at the Shannon based Atlantic Aviation Group increased more than threefold to €3.12m in 2024 after the firm clinched several contracts with blue-chip multinational airlines.
New accounts filed by Atlantic Aviation Group and subsidiaries show that the group business in 2024 was boosted by dividend income of €1.92m from a UK based defence subsidiary, AAG Defence Services Limited located at the largest RAF base in the UK, RAF Brize Norton.
Group revenues in 2024 increased by 3% from €101m to €103.9m and directors state “that the medium-term outlook for the group remains extremely bright, with further anticipated growth in 2025 and 2026, through several strategic growth initiatives, across both the groups civil and defence business segments”.
Numbers employed increased from 703 to 724 in 2024 as staff costs rose from €44.5m to €47.99m.
The dividend income of €1.92m from AAG Defence Services Limited followed dividend income of €1.03m from the subsidiary in 2023.
On the services it provides at RAF Brize Norton, the AAG website states “our committed and flexible team of engineers and management are based in RAF Brize Norton in a 24,000 m2, three-bay facility designed to optimise the maintenance of aircraft”.
The group in 2024 generated €91.1m of revenues in Ireland and €12.79m in the UK.
The figures show that €95.5m of business arose from repair and overhaul while €8.3m came from equipment hire, line maintenance and other revenue.
The group’s operating profits doubled to €4m and interest costs of €461,296 reduced profits to €3.62m. The group recorded post tax profits of €3.12m after incurring a corporation tax charge of €501,666.
It paid out dividends of €1.76m in 2024.
On the group performance, the directors state that the attraction of experienced technical talent following a successful international recruitment campaign together with the addition of several new multi-year nose to tail contracts, with blue chip multinational airlines, across all nine lines, “resulted in a substantial improvement to overall group performance and profitability in 2024”.
“Whilst the civil segment of the business experienced significant year on year growth in both revenue and profitability, the group’s defence business was adversely impacted by the cessation of a number of non-recurring revenue streams, but remained profitable in 2024, and continues to trade profitably in 2025,” they say.
The directors also state that the ninth line of heavy base maintenance in Shannon successfully commenced operations in the fourth quarter of 2024, three months ahead of schedule, resulting in the addition of a further 50 highly qualified technical roles in the midwest.
The directors state that whilst the group has been successful in its endeavours to recruit substantial technical talent into the business, they “are acutely aware of the shortage of technical talent that persists in the broader aviation industry, and welcomes the recent Government announcement of the expansion of apprenticeship opportunities for aircraft mechanics in Ireland, with the number of training places set to double from 79 in 2024 to 160 from September 2025”.
The directors state that they “remain highly confident that the group will continue its growth trajectory in a sustainable controlled manner, as it continues to expand its base maintenance product offering, whilst diversifying into component maintenance and strengthening its training academy”.
The profit for 2024 takes account of combined non-cash net depreciation and amortisation costs of €2m. Pay to directors totalled €301,270.
Reporting by Gordon Deegan
