Ireland’s Dublin Airport Authority (DAA) confirmed it has leased Hangar 6 at Dublin Airport to Aer Lingus for 20 years (Business World, 05-Jan-2010). Aer Lingus plans to use the hangar to merge MRO functions in Dublin to one location. The hangar was previously owned by SR Technics.
Dublin Airport Authority confirms lease of Hangar 6 at Dublin Airport to Aer Lingus
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CityJet ends its plan to buy Stobart Air & enter Southend, but retains its growth aims.
In early Dec-2016 the Irish regional airline CityJet ended talks with Stobart Group about the possible acquisition of the airline Stobart Air. This deal could have accelerated CityJet's growth in the area of regional airline contract flying, where Stobart Air is positioned with contracts for Aer Lingus and Flybe. Nevertheless, while this is a setback to CityJet's ambitions, the airline continues to pursue an aggressive growth strategy.
CityJet had also preliminarily agreed to launch new routes at Stobart Group's London Southend Airport, but will not now do so. Instead, Stobart Group has taken control of Stobart Air by acquiring shares from minority investors, and will use its in-house airline to grow the Southend network. This should help the airport in reaching its own growth targets, as set by the Stobart Group.
CityJet may seek an alternative acquisition in order to fulfil its goal of becoming the largest regional wet lease provider in Europe. It will almost certainly convert all or some of the 16 options it holds over Sukhoi Superjets, in addition to its firm order for 15 (three have already been delivered). CityJet has undergone significant change since leaving the Air France-KLM group in 2014, and its losses are narrowing.
IAG lowers plans for capacity growth, fleet investment & profit, but keeps return on capital target
IAG's Capital Markets Day on 4-Nov-2016 was the first since its formation in 2011 when it lowered any of its medium term financial targets. It cut its 2016-2020 average EBITDAR goal, in spite of adding in Aer Lingus for the first time. This followed two cuts to 2016 operating profit guidance during the course of this year, as a result of "a tough operating environment". It has been hit by adverse currency movements, mainly resulting from the UK's Brexit vote, in addition to ATC strikes and terrorist events.
To its credit, IAG has responded to the more challenging trading conditions by lowering its planned capacity growth and capital expenditure during its 2016-2020 strategic plan. These steps are necessary if it is to have a chance of meeting its ambitious goal to sustain a 15% return on invested capital. This target is unchanged, despite the lower profit outlook.
In 3Q2016, IAG's rolling four quarter return on capital fell, after rising more or less continuously since it began to target this measure in 2013. It has consistently been more profitable than either of its two main European legacy airline group rivals (Air France-KLM and Lufthansa). Nevertheless, the downward step highlights the challenge in meeting its own demanding target.