FLS Aerospace has reported a €15 million fall in turnover at its Irish division last year. Revenues across all FLS Aerospace group operations slumped €42 million, resulting in a €27 million loss before interest and taxes.
FLS, which employs 1,500 at the former TEAM Aer Lingus facility in Dublin Airport, reported €124 million sales in Ireland, against €139 million for 2001.
The dip in global sales surpassed third-quarter predictions. The company blamed forced write-offs of ageing machine parts and sustained cooling in the airline industry.
However, cash flows from operating activity rose to €2.9 million against a €5.9 million deficit for the previous year, the company said.
The results for the FLS aerospace operations were announced with results for the overall FLS group, which reported €87 million losses. The company, which has its headquarters in Copenhagen, has interests in building materials and engineering as well as aircraft maintenance.
Though deficits outstripped predictions, FLS Aerospace is strongly placed going forward with its order book 60 per cent full, a spokeswoman for the Dublin division said.
With a client roster including Aer Lingus, Ryanair and EasyJet, FLS is in a stronger position than many of its rivals and looks to the future with as much confidence as can be expected in the current climate of international instability.
• Meanwhile, Aer Lingus refused to comment on reports that it is set to turn a €64 million operating profit this year. Last month The Irish Times reported the company was expected to post a profit in the region of €50 million.
