This article is from page 78 of the 2008-07-22 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 78 JPG
A LITTLE-KNOWN _— Shannon- based aircraft engine leasing firm employing just 22 people recorded a net profit of $84 million last year.
According to accounts filed to the companies office, Shannon Engine Support Ltd (SES) increased its net profit by 42 per cent on the $59 mil- lion net profit enjoyed in 2006.
The accounts show that the 22 em- ployees received an average salary of $109,000 with the overall salary payout being $2.4 million.
Of the 22 staff, eight work in cus- tomer support, five in marketing, five in finance and four in admuinistra- none
The returns show that the compa- ny’s profits have been rising steadily from $24.2 million in 2003 to $84 million last year.
The $84 million profit enjoyed last year has resulted in the company
now having accumulated profits of $316 million.
SES is a wholly owned subsidiary of CFM International, a company shared jointly between the French- owned Snecma and General Electric Company.
The accounts show that the largest proportion of the company’s busi- ness is carried out in Europe, where last year it recorded sales of $60 mil- lion.
This compares to sales of $29 mil- lion in Asia Pacific and $39 million in the US.
A breakdown of its turnover shows that $125 million has come from “aircraft engine support” and $13 million from “future engine mainte- TEEN eee eo Ee
The accounts confirmed that the company did not pay a dividend in 2005. Under the heading of direc- tors’ emoluments, $212,995 was paid through salary and bonus.
The board is made up of three US and three French directors and one Irishman, managing director, Pat Bergin who was appointed last Feb- Ura
The company’s total assets are val- ued at $567 million, including $35 million cash at hand in bank.
SW slemereynnlor-venas ines shcechexore OOM Nelo Ker vision of a range of aircraft engine management services to the interna- tional civil aviation industry centred on the provision of comprehensive spare engine support and allied serv- Tee
It expects that the business will continue to develop and states that it is well positioned to benefit from any upturn in the aviation industry.
“The principal risk that the busi- ness faces is a sudden downturn in the global aviation industry, in par- ticular, a slowdown in global passen- ger traffic as a result of an economic slowdown or an external shock.”