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Dublin aerospace firm's profits soar

Thursday, August 21 10:55:59

A Dublin aerospace company founded by four DCU graduates saw its pre-tax profits more than double to E6.76m in 2012, its latest set of accounts show.

Acra Control recorded the 122pc increase in pre-tax profits as revenues increased by 105pc going from E11.85m to E24.4m in the 12 months to the end of December 2012.

A contributory factor to the sharp upsurge in profits and revenue was that the accounting period for the prior year was nine months compared to 12 in 2012.

In 2011, Acra Control was sold to American company Curtiss-Wright for E42m.

Acra Control designs and manufactures electronic instruments used in aircraft flight-testing.

The company was founded in 1992 by DCU engineering graduates Aaron McNelis, Niall McGirr, Diarmuid Corry and Fergal Bonner. Other shareholders included ACT Venture Capital and Enterprise Ireland.

The accounts show that dividends of E3.8m were paid to the UK arm of Curtiss Wright Controls in 2012 and this followed dividends of E9.1m paid in 2011.

For more visit: www.businessworld.ie