FL Technics posted a net profit of €5.6 million ($6.9 million) in 2017, attributing the year-on-year rise to the lean strategies adopted across the business.
Zilvinas Lapinskas, CEO of the Lithuania-headquartered MRO, said client diversification, company initiatives around staff and customer satisfaction along with a lean-based continuous improvement program were factors in an improved year, which saw FL Technics better the €3 million profit it posted last year.
Lapinskas cites the year previous to that of 2015 a yard stick to the company’s progress, a period which saw FL Technics announce an €11 million loss.
It endured a string of difficulties including one of its major client ceasing operating and resulting in the MRO being burdened with €8 million of unpaid bills.
In the past year, FL Technics has invested in new operational functions including its bay system, which sees designated technician teams working on one aircraft, along with investing an undisclosed amount into mechanical training for base maintenance staff.
The company also saw a spike in its line maintenance business. Having opened eight new stations across the world last year in Germany, Spain, Latvia, Russia and the UK, FL Technics said along with its UK-based line maintenance subsidiary Storm Aviation it now operates across 15 countries in Europe, Russia, the CIS region and Africa.
CAMO services accounted for 30 aircraft in 2017, while technical training services reached 170, owing to an expansion of its training programs and locations to 57 worldwide.