McEvaddy brothers to continue to back Irish aviation firm

Aviation entrepreneurs, the McEvaddy brothers, pledged to continue supporting their Irish business at the end of 2018 when it was almost €7.2 million in the red, new figures show.

Accounts just filed by Ulick and Desmond McEvaddy's Omega Aviation Services show that it earned a profit of €5,525 in the 12 months ended December 31st 2018 but liabilities exceeded its assets by €7.2 million.

The accounts state that the directors, the McEvaddy brothers, confirmed that they would continue to support the company.

Auditor Richard Twomey of Richard Ensor & Co noted noted that there were a number of conditions that cast significant doubt on whether the company could continue as a going concern without the brothers' support.

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Creditors

The accounts show that connected companies owed Omega €7.39 million at the end of 2018, down from €9.5 million 12 months previously.

“The financial position of the connected companies indicates that the amounts owing may not be paid in the near future,” the auditor’s report states.

Omega owed €604,203 to its directors at the end of 2018, more than €600,000 less than the €1.44 million that the company owed them 12 months previously.

The company’s long- and short-term liabilities came to more than €25.3 million. The biggest single category was long-term trade creditors, who were owed more than €19 million on December 31st 2018.

Assets stood at €17.7 million, which included debtors of almost €15 million and cash of €2 million.