Shannon Engine Support profits grow 49%

Shannon Engine Support’s pre-tax profits grew by 49% to $47.68m for the 12 months to end of December 2012. Revenues increased by 31% from $95.47m to $124.75m during the period, which was driven by the release of deferred revenues for a portfolio acquisition. Operating profit was also up by 47% from $26m to $38.4m, which includes a $58m non-cash depreciation charge. Accumulated profits were $510m at the end of December last. Total shareholder funds of $827.6m at the end of last year included ‘other reserves’ totalling $308.5m.