Dublin Aerospace profits takeoff

The firm has reported a strong 2015 performance

Dublin Aerospace profits takeoff

PIC: Dublin Airport Authority

Dublin Aerospace, the aircraft maintenance company set up by former Aer Lingus and Ryanair executive, Conor McCarthy saw its pre-tax profits almost double last year to just over €3m.

Revenues rose more modestly – by 13% to €44m – on the back of both of higher volumes of aircraft overhaul activity and higher margins.

The Irish firm has also just won a five-year contract with Malaysia's AirAsia to provide maintenance to its air crafts. Its founder, Mr McCarthy was involved in the setting up of the Asian airline.

The company, which was established in 2009, operates from a 20,000 sq meter hangar facility at Dublin Airport and increased employment numbers by 35 to more than 231 last year.

Staffing costs increased by 9% to €10.7m during the year while directors' pay dipped slightly from €150,869 to €148,713.

"The increase in turnover was principally accounted for by higher volumes in aircraft overhaul activity but turnover in each business unit increased year-on-year," the report notes.