Shannon-based Atlantic Aviation Group
The Shannon-based Atlantic Aviation Group (AAG) has confirmed the addition of 50 new jobs after it secured a contract with a ‘blue-chip’ international airline for a new maintenance line.
The confirmation of the highly qualified roles is contained in new 2023 accounts for Atlantic Aviation Group Ltd and subsidiaries, showing a 68pc decline in pre-tax profits to €1.46m last year. Revenues increased by 6pc from €95.3m to €101m.
The business continued to expand last year as numbers employed increased from 652 to 703 with staff costs rising from €37.82m to €44.5m.
AAG formally acquired the Lufthansa Technik Shannon business from Lufthansa Technik (AG) in 2021 and, under the terms of the deal, approximately 300 of their employees joined the group.
The AAG directors state that the medium-term outlook for the group is “extremely bright, with further anticipated growth in 2024 and 2025 through a number of strategic growth initiatives that the directors have identified, and deployed the necessary resources to ensure their successful execution”.
They state that “the operation of a ninth line of heavy-base maintenance in Shannon is planned for Q1 2025, for which a multi-year nose-to-tail contract has already been secured with a blue-chip international airline”, and which will result in the extra 50 jobs.
Reflecting on the 2023 performance, the directors state that it was a relatively challenging year for Atlantic Aviation group “as the aviation industry continues to adjust to the legacy effects of the Covid-19 pandemic”.
They say these adjustments are most evident in the employment market “where the sector is attempting to respond to increased passenger demand with a reduced level of available technical resource from a maintenance perspective”.
The group did however continue to enjoy further growth in both revenue and operating profit “across the defence segment of its business”, which continued its upward trajectory in 2023.
The directors identified an industry-wide challenge in the aviation market which they say they addressed in a proactive manner, and they embarked on a successful international recruitment campaign attracting substantial numbers of highly qualified technical resources across a broad range of skill sets.