Dublin Aerospace recorded a pre-tax loss of €174,306 last year after previously enjoying a profit of €3.28m.
Despite a revenue increase by 7pc from €54.63m to €58.26m, the group’s cost of sales rose by 14pc. The firm’s cash reserves decreased significantly from €5.11m to €2.94m.
The directors noted that 2024 marked the first year post-pandemic with airline industry volumes returning to pre-pandemic levels. The company’s workforce grew from 334 to 355 employees, leading to an increase in staff costs from €17.09m to €20.54m.
Conor McCarthy shared “the company recorded a small loss after tax of €85,431 The aircraft maintenance and overhaul operation based in Dublin airport continues to perform solidly on a year-on-year basis and remains the core of the company’s business. This year marked the first year post pandemic where the airline industry retrieved its pre-pandemic volumes and capacity. We continued to experience delays, price increases and scarcity in our supply chains and manufacturer technical support delays. The shorthaul aircraft overhaul business is a very seasonal one, with strong (excess) demand during the winter months and very weak demand in the summer season”.
