Ryanair crew agency paid parent €1.17m dividend

Dalmac owner Fingal Language Institute had €817K in bank at end of 2016, accounts show

One of the agencies that provides staff to Ryanair paid a €1.17 million dividend to its parent last year, the latest figures show.

Dublin-based Fingal Language Institute, which owns the Dalmac recruitment business that supplies crew to the Irish airline, paid €1.168 million to its parent, Faithridge Ltd in 2016, according to recently published accounts for last year.

Fingal Language Institute’s accounts for 2015 show that Faithridge owed it the same amount, €1.168 million, on December 31st that year.

The debt was an interest-free loan to its parent from Fingal Language Institute, which was repayable on demand.

Dalmac hires and trains flight attendants for Ryanair, along with providing the airline with contract staff and payroll and human resources services. It describes itself as the largest provider of cabin crew to the low-cost carrier.

Businesswoman Laura McCrudden owns the business through Faithridge, in which she holds a 90 per cent stake. The company's other director, Ryan Moffett, has the remaining 10 per cent stake.

Bigger agencies

Fingal Language Institute also has a joint venture, Nobox, with one of Ryanair's bigger recruitment agencies, Crewlink, another Dublin-based operation.

The company owed Nobox €836,523 at the end of last year for the provision of services and a further €18,626 to Crewlink.

Dalmac's website shows that it is seeking to hire crew in Ireland and several western and eastern European countries over the coming weeks.

According to its accounts, net assets fell €1.7 million to €61,667 on December 31st, 2016 from €1.234 million 12 months earlier.

Its debtors owed it €259,597 at the end of last year, compared with €2.255 million on December 31st, 2015, a figure that would have included the money owed by Faithridge.

Fingal Language Institute had €817,000 in the bank at the end of 2016, compared with €207,000 a year earlier.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas