MRO specialists FL Technics has said its revenue reached €119 million in 2018, up 14% from €103 million experienced in 2017.

The firm has also reached net profit of €10.8 million – up from €5.7 million last year.

Zilvinas Lapinskas, CEO at FL Technics, said: “Persistence, LEAN implementation in our maintenance process and a rapid reaction to ever changing competitive environment were the key factors to net profit growth of all our companies.

“We made our worldwide parts & materials businesses bloom, struck number of top-notch deals for line maintenance customers in Europe and Middle East, made a solid ground for a future growth in Asia-Pacific region by opening a new warehouse in the region and establishing a joint venture in China. 2018 was a year of constant growth and geographical expansion and it is visible in our financial spreadsheets.”

FL Technics has expanded its clients portfolio by signing Lufthansa Group for a €11 million contract for 28 aircraft per annum for base maintenance services. The company also signed a long-term line maintenance contract with Wizzair for 11 Airbus A320 family aircraft in Vienna line station.

It also has increased its training program scope for Boeing 777, Airbus A320 NEO, ATR 42/72, Boeing 767, and Airbus A330. FL Technics has 240 technical training programs in 59 locations worldwide.