Aircraft maintenance company Dublin Aerospace made a profit of €1 million last year in only its second full year of operation.
This compared with a loss of €2.1 million in 17 months to the end of September 2010. Revenues increased almost threefold to €22.89 million in the year to the end of September 2011, according to accounts just filed.
The aircraft maintenance firm was established in 2009 by Conor McCarthy, operating at the former SR Technics site at Dublin airport. Mr McCarthy, the company’s executive chairman, won the Ernst Young Entrepreneur of the Year last year in the emerging category.
Dublin Aerospace’s chief executive Donal Rogers said: “We are happy with the result. Not as much as we would like in terms of revenues and profits, but it is a good result in a difficult market.”
He is expecting increased revenues and profits in the current financial year.
The average number of people employed by the group increased from 57 to 107 last year. Mr Rogers confirmed the number had now increased to 200, with the aim of growing that to 300 in the next two to three years.