Aircraft maintenance company Dublin Aerospace is to add 150 new employees to its total over the next three years, an expansion in the workforce which is part of the firm’s plan to double turnover by 2023.
Executive chairman Conor McCarthy said: “Since our start-up in 2009 with just 18 staff, our annual turnover has risen from €7m then to €46m last year and we have been profitable since our second year in operation. Last year saw further increases in turnover for all three business units; Aircraft Overhaul, Landing Gear, and Auxiliary Power Unit services. This solid underlying business performance has given us the confidence to create another 150 full-time, permanent engineering and support roles in our Dublin operation.”
Dublin Aerospace Ltd accounts for the year to September 2016 show an operating profit of €3.9m on turnover of €45.2m. Turnover advanced 3.9% on the previous year.
Employment in 2015/16 grew by 14 people to 245, with 225 employed in maintenance and engineering. Average pay across the company was €40,300 per annum.
In 2015/16, the company paid down €1.5m of €6m equity funding made available by Enterprise Ireland. The investment conditions call for four annual payments of €1.5m. The accounts indicate that €600,000 arising from the coupon on redeemable preference shares was also paid to the state agency.
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The company has recently hired the first 48 of the 150 planned jobs, in areas such as aircraft engineering, avionics, structural and composite technology, and even the paint and operating department, with 17 of the positions being filled by intake from the company’s own apprenticeship and training programmes.
Chief executive Michael Tyrrell added: “We attribute our success to our dedicated and flexible teams of professionals. As a highly-skilled industry where experience is key, we need to maintain these standards as we grow. Therefore I am pleased to announce that we will have two more intakes of similar size in 2018 and 2019, creating 150 more jobs in total.”
Founded in 2009 following the failure of SR Technics at Dublin, Dublin Aerospace has built its business on a foundation of over 50 years experience at this location, and is now a global provider of Aerospace MRO services, focusing on overhaul, power unit and landing gear services.
Photo: Michael Tyrrell with business minister Frances Fitzgerald (centre) and Julie Sinnamon, CEO of Enterprise Ireland. (Pic: Iain White / Fennell Photography)
