The effects of the Covid-19 pandemic have had a significant impact on Parc Aviation, according to accounts for the Dublin-based aviation services company.
The company recorded an increase of 39 per cent in pretax profits to €3.6 million for the 12 months to the end of March 2020. However, Covid-19 impacted on revenues as they declined by 4 per cent from €141.27 million to €135.4 million.
The company supplies air crew and other specialist air industry personnel to aviation industry clients across the world.
The directors state that the majority of the decrease in revenues “was seen in quarter four due to lower activity in the airline industry because of Covid restrictions”.
Signs of recovery
The directors state that “since the year end, the effects of the Covid-19 pandemic have continued to have a significant impact on the company”.
They state that “this has been felt primarily in the provision of flight crew to clients in the passenger airline industry”.
The directors say there have been signs of recovery in some geographical regions while services provided to leasing entities and cargo airlines remain strong.
A note attached to the accounts states that “discretionary spend has been stopped and staff have been redeployed to areas of the business where demand remains strong”.
The note adds that “extra resources have been deployed to debt collection and the cash position of the company remains robust”.
Cost of contractors
The company’s largest cost during last year was contractors, totalling €123.4 million. The company declared and paid a dividend of €4 million in the year to the end of March 2020. This brought accumulated profits of last March to €5.7 million.
Parc employed 111 staff last year, with payroll costs amounting to €5.76 million.
The former Aer Lingus subsidiary was part of the Oxford Aviation Academy that was purchased by Canadian group CAE in May 2012.
