The 2023 accounts for Atlantic Aviation Group Ltd and its subsidiaries confirm these new positions, while also revealing a 68% drop in pre-tax profits to €1.4 million, despite a 6% rise in revenues, from €95.3 million to €101 million.

The company continued to grow in 2023, increasing its workforce from 652 to 703, with staff costs rising from €37.82 million to €44.5 million.

In 2021, AAG completed the acquisition of Lufthansa Technik Shannon from Lufthansa Technik AG, bringing approximately 300 employees into the AAG group.

AAG’s directors are optimistic about the company’s future, stating that they expect further growth in 2024 and 2025 due to strategic initiatives. They announced plans for a ninth heavy base maintenance line in Shannon by Q1 2025, supported by a long-term contract with an international airline, which will add 50 highly skilled technical roles in the region.

Reflecting on 2023, the directors noted challenges stemming from the aviation sector’s recovery from the Covid-19 pandemic, particularly in the labor market, where a shortage of technical resources is impacting maintenance operations.

Despite these hurdles, AAG experienced growth in both revenue and operating profit within its defence segment in 2023. The company also launched a successful international recruitment drive, attracting highly qualified technical talent. This, combined with new long-term contracts with major airlines, led to a strong improvement in profitability during the final quarter of 2023.

The directors reported that this positive trend has continued into the first nine months of 2024, with performance significantly ahead of the same period in 2023.

AAG generated €3.89 million in cash from operating activities last year, with revenues split between €84 million from the Republic of Ireland and €16.9 million from the UK.