Aviation recruitment firm Parc hit by rise in costs

A squeeze on margins left profits at aviation recruitment specialist Parc trailing by more than 5 per cent last year at €3.37 million, accounts just published show.

Parc’s turnover rose 7.7 per cent to €112 million in the 12 months ended March 31st from €104 million during the previous year.

However, a rise in costs dented its operating surplus and as a result pre-tax profits fell by 5.5 per cent to €3.37 million from €3.6 million in its 2014 financial year.

Directors Frank Collins and Conor Hennigan blamed a fall in margins on some contracts for the fall in profits in their report, which notes business increased during the year.

In their report, the Irish company paid its Canadian owner CAE a €3 million dividend during the 2015 financial year, which was unchanged on 2014.

The company’s balance sheet strengthened slightly during the year. Net assets increased to €8.8 million from €8.4 million.

Short-term debt grew to €16 million from €12 million. Amounts owed to other companies within the group accounted for the bulk of this at €8.5 million, which was €2 million more than on its 2014 balance-sheet date.

Pilots

Parc recruits and trains pilots, crew and maintenance staff for about 60 airlines around the world. It began in 1975 as a subsidiary of

Aer Lingus

, which the State then owned. Its management bought it 20 years later and rival

Oxford Aviation

Academy took it over 2008. CAE bought the combined Parc-Oxford business four years ago.