Pre-tax losses at Dublin Aerospace last year increased more than four fold to €844,363 as the business continued to experience delays, price increases and scarcity in supply chains and manufacturer technical support delays.
New accounts filed by Dublin Aerospace Ltd show that the group recorded the loss as the revenues increased by 28% from €58.26m to €74.3m.
However, the revenues increase is skewed as the reporting period was for a 15 month period to the end of December last compared to a prior 12 month period.
The directors state that they were disappointed with the performance in 2025 “but are satisfied that the steps taken to address the deficiencies are in place for 2026 which should result in a marked improvement in performance going forward”.
The directors state that the year marked the first year post pandemic where the airline industry retrieved its pre pandemic volumes and capacity.
“From an MRO (Maintenance Repair and Overhaul) perspective however, the company continued to experience delays, price increases and scarcity in supply chains and manufacturer technical support delays,” they say.
Aviation entrepreneur Conor McCarthy founded the company and serves as executive chairman at Dublin Aerospace and also leads the operator of Aer Lingus regional services Emerald Airlines.
The directors for Dublin Aerospace state that the company’s B737/A320 Base Maintenance division based in Dublin airport had a challenging year due to two factors.
They point to a lack of key skilled resources during the busy winter period which led to a curtailment of Aircraft Overhaul capacity to 75% or three out of four production lines.
The directors also state that due to the global shortage of new A320 and B737 aircraft, many operators extended their existing leases of older types, resulting in a dramatic decline in traditional Summer transition projects resulting in very low business levels in this period.
They state that the Short-haul Aircraft Overhaul business “is a very seasonal one, with strong (excess) demand during the winter months and very weak demand in the summer season when operators want all aircraft flying to the maximum extent”.
This “seasonality” has become dramatically more pronounced recently and has adverse implications for the Maintenance Repair and Overhaul (MRO) sector, they add.
The directors state that results for the Auxiliary Power Unit (APU) Division “also deteriorated due to a drop in Heavy Overhaul visits compared to the 2024 financial year”.
“The company’s Landing Gear Division successfully addressed its resourcing issues and had its busiest year to date in terms of Landing Gears overhauled. With many blue chip customers this trend is quite positive,” they add.
The business recorded an operating loss of €749,442 and interest payable of €94,921 resulted in the pre-tax loss of €844,363.
The pre-tax loss followed a pre-tax loss of €174,306 in 2024.
Numbers employed in 2025 increased by 33 from 355 to 388 as staff costs rose from €20.54m to €27.6m for the 15 month period.
Pay to directors totalled €217,753.
The loss takes account of €1.68m in non-cash depreciation costs and lease costs of €2.1m along with a loss of €78,940 in foreign exchange.
The company’s revenues were made up of €73.35m in “rendering of services” and €963,578 in lease income.
At the end of December 2025, the firm’s shareholder funds totalled €35.47m that included accumulated profits of €28.86m.
The company’s cash funds increased from €2.94m to €3.37m.
Reporting by Gordon Deegan
