This article is from page 8 of the 2006-11-28 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 8 JPG
A LITTLE known Shannon-based aircraft engine leasing firm employing just 16 people recorded a net profit of $46.7 million last year.
According to accounts filed to the Companies Office by Shannon Engine Support Ltd (SES), the company increased its net profit by 30 per cent on the $35.7 million net profit enjoyed in 2004.
SES, located in the Shannon Free Zone, employed just 16 people during 2005. Staff received on average a salary of $112,500 with the overall salary payout being $1.8 million.
The accounts show that of the 16 staff, seven work in customer support, four in marketing, two in finance and three in administration.
With the $46 million profit, the company now has accumulated profits of $185 million.
Turnover increased from $86 million in 2004 to $100 million last year. The largest proportion of the company’s business is carried out in Europe where last year it recorded sales of $46.7 million. This compares to sales of $26 million in Asia Pacific and $17.4 million in the US.
In relation to ‘Other Reserves’, the accounts state that the company has capital contributions totaling $308 million.
According to a statement attached to the accounts, SES had a successful year.
It goes on: “Demand for the company’s products as measured by the utilisation level of its portfolio of aircraft engines has been very strong throughout 2005 and is expected to remain at similar levels for the foreseeable future.
“The principle risk that the business faces is a downturn in the global aviation industry, in particular a slowdown in global passenger traffic as a result of an economic slowdown or an external shock.
“It is expected that the business will continue to develop and that the company is well positioned to benefit from any challenge in the aviation industry.”
The accounts confirmed that the company did not pay a dividend in 2005.