Co Armagh aeroplane seat maker records operating profit over £20m
The company says that the 'strong growth in financial performance' follows the 'successful completion of a three-year recovery plan'.
It added 'The financial progress comes as Thompson continues to focus on operational improvement and product innovation.
'The company has introduced several changes across its operating model and supply chain to strengthen delivery performance and build greater resilience in its operations.'
Thompson Aero produces luxury airline seating, and counts a number of major international airlines among its clients, including Delta, China Eastern and Singapore Airlines.
Losses had accrued at the Portadown-based company in the years since the pandemic, with the company losing over £270m between 2018 and 2023.
Before tax, the company lost £9.5m in 2023, which was a reduction on the £23.8m loss in 2022.
Around that time, these losses were attributed in part to investment in increasing the company's 'industrial capacity' as well as 'robust industrialisation across the business.'
The company's order book has been improving over recent years, with its 2023 figure of £113m increasing by £326m in 2024.
Thompson Aero Seating says the large bump to the order books reflects 'growing interest in its business-class seating products within the global aerospace market'.
These new products include the firm's luxury airline seats. It recently unveiled two new seats at the Aircraft Interiors Expo in Hamburg, the VantageNOVA First and the VantageXL+.
The last 12 months has also seen them launch other products, including the VantageNOVA.
Recent years have also seen investment in Thompson's locations and production sites, including the opening of a 'dynamic test facility' in 2023.
The firm says this site enables 'in-house dynamic testing, accelerating product development and supporting the timely launch of new innovations in 2024 and 2025'.
Keith Anderson, CEO, Thompson Aero Seating, said that 2024 'marked the completion of a three-year recovery plan'.
'We've delivered against our commitments, secured a strong pipeline of orders, and made tangible progress across our operations and we are now in a more stable position.
'These improvements have positioned Thompson to gain a reputation for industry-leading delivery performance and new product introduction ('NPI') execution with our customers and major aircraft manufacturers.
'It's an incredibly exciting time as the strength of our orderbook means it is imperative that we continue to develop our operating model to deliver 2x growth in the coming years.
'We are particularly proud of our industry-leading performance in NPI. Our developing operating model and our DTF have enabled this strong performance.'
Thompson Aero Seating employs over 700 people, and has facilities in Banbridge and Craigavon. It has been producing flat-bed luxury seats for over 20 years.
The company's seats are used on a variety of major aircraft, including the Airbus A330 and A80 and Boeing's B777 and B787.
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