Moog’s Irish subsidiary sees profits soar 238%

The Irish arm of the US defence and space engineering giant Moog, which makes components for everything from satellites and spacecraft to missiles and commercial aircraft, saw profits more than triple last year.

Moog Dublin recorded pretax profits of €166,447 last year, up 238 per cent compared with the €49,270 reported a year earlier. In 2013, the company reported a €640,000 loss.

Revenue was up nearly 6 per cent in 2015 to €2.9 million from €2.7 million while operating profit more than doubled to €220,198 from €106,180.

Management charges and other income totalled €90,697 versus €52,998 in the previous year.

During 2015, the company claimed a rebate in relation to R&D tax credits amounting to €63,063, as against €231,909 a year earlier.

Moog Dublin describes its prinicipal activity as “the design, development and manufacture of component parts and controls for space access and exploration vehicles in the aerospace sector”.

The Irish subsidiary has been responsible for the design, development and production of the Vulcain Engine Supports for the Ariane 5 programme since 1987.

The company, which is based in Northwest Business Park in Ballycoolin, Dublin 15, employed 23 people at the end of last year with employment costs totalling €1.5 million.

Moog’s parent operates through manufacturing facilities in Asia, Canada, Costa Rica, Europe, the Philippines, and the United States.

Following four consecutive years of steady growth, the group saw net sales drop 5 per cent last year from $2.65 billion in 2014 to $2.53 billion in 2015.