Operating profits at aircraft maintenance firm Dublin Aerospace tumbled to €790,000 in its last financial year from €5.6m a year earlier as its revenue declined as a result of the Covid pandemic.

Newly-filed accounts for the business, which was founded by and is majority-owned by Conor McCarthy, show that turnover fell €8.1m to €42.8m in the 12 months to the end of last September.

Dublin Aerospace clients include well-known airlines such as Aer Lingus, Lufthansa, Ryanair, Virgin Atlantic and Air Canada.

Its pre-tax profit in the last financial year was boosted to €2.7m after it received grant income of €1.8m during the period. That grant income represents employment grants from Enterprise Ireland and other schemes including the Temporary Wage Subsidy Scheme and the Employment Wage Subsidy Scheme.

Last year, Mr McCarthy bought out a stake owned by Airbus in Dublin Aerospace. Airbus was an original backer of the Irish company when Mr McCarthy established it in 2009.

The latest set of accounts confirm that Dublin Aerospace paid €3.7m to buy back redeemable ordinary shares last year. Airbus had originally invested €1.75m in the business.

Enterprise Ireland was also an investor. Last year, Dublin Aerospace redeemed a final tranche of 5pc cumulative redeemable preference shares for €1.5m, the accounts note.

Mr McCarthy now owns 75pc of Dublin Aerospace.

He said that given the disruption over the past 12 months, he was “very pleased” with the results for 2020.

“As expected, our revenues were impacted significantly during the latter half of the year, but the availability of Irish Government wage supports helped maintain full employment and support our financial position,” he said.

He added that the company is looking forward to a “fruitful and exciting” year ahead.

Dublin Aerospace employed an average of 377 people last year.

The company will this month formally open a new €15m landing gear maintenance facility at Ashbourne, Co Meath. It’s expected to eventually employ about 150 people and will be able to service almost 400 landing gear units every year.

Last year, Dublin Aerospace acquired the former Flybe maintenance facility at Exeter Airport, which has been rebranded Exeter Aerospace. Flybe went bust early last year.

Mr McCarthy also owns startup Emerald Airlines, which will soon finalise a contract with Aer Lingus to operate the Aer Lingus Regional service from the end of 2022.