This article is from page 9 of the 2006-04-18 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 9 JPG
A LITTLE-KNOWN Shannon-based aircraft engine leasing firm, which employs just 16 people, recorded a profit of over €35 million last year.
Accounts filed to the Companies Office by Shannon Engine Support Ltd (SES) show that recorded a profit of €35.74 million to the end of December 2004.
Staff at the company received, on average, a salary of €103,625, with the overall salary payout being €1.658 million. The directors received €385,000 between salaries and bonuses.
Of the 16 staff, seven work in customer support, four in marketing, two in finance and three in administration. The company’s net profit increased by €11.5 million on that recorded in 2003.
According to the accounts, “the company is a wholly owned subsidiary of Engine Support Holdings (a subsidiary of CFM International Inc) and is engaged in the provision of a range of aircraft engine management services to the international civil aviation industry, centred on the provision of comprehensive spare engine support and allied services.
“The company has had a successful year, operating effectively. It is expected that the business will continue to develop and that the company is well positioned to benefit from any upturn in the aviation industry.”
The company had a turnover of €86.9 million in 2004 and its operating costs were €49.2 million. Its gross profit was €37.7 million and less administration costs resulted in an operating profit of €33.85 million. Four of the company’s directors are French and three are from the US. At the end of 2004, the company’s fixed asset were priced at €455 million with current assets valued at €66 million.
The largest proportion of business was carried out in Europe where the company received €44 million in revenues; €19 million in the Asia Pacific region; €12.6 million in the US and €11 million in the “rest of the world”.
At the end of 2004, the company’s fixed asset were priced at €455 million with current assets valued at €66 million. The accounts also show that the largest proportion of the company’s profits came from “aircraft engine support activities”, where the company received €60 million. It received €25 million in respect of future engine maintenance costs.