Last checked at 16 Jul 2013 07:00
16 July 2013
Hangar8 plc
('Hangar8' or 'the Company')
Trading update
Hangar8 (AIM: HGR8), one of Europe's largest operators of privately owned passenger jet aircraft, today provides the following update on trading for the year ended 30 June 2013, ahead of its preliminary results which are expected to be announced by the end of October 2013.
Trading Update
The Company has enjoyed a strong year, with significant organic and acquisitive growth, that has delivered a material uplift in pre-tax profit, in line with market expectations.
International Jet Club Limited ('IJC'), acquired by the Company in November 2012, has facilitated a step change in the scale of Hangar8's heavy jet business and has performed well, already adding a further two long-range Global Express aircraft, trading in line with management's expectations. In addition to the scale benefits delivered by the acquisition, significant value has been extracted through knowledge sharing and the introduction of IJC's best-in-class aircraft management and operational systems to Hangar8's business.
The Company's balance sheet remains strong, with substantial cash reserves available to fund further expansion.
Commenting, Dustin Dryden, Chief Executive, Hangar 8, said:
"This has been a highly successful, transformational year for Hangar8 in which we have achieved everything that we set out to do. We have successfully delivered our strategy of increasing the operating scale, geographic breadth and product depth of our business, areas that the Board feel are vital in order to thrive in this industry, which has yielded a marked increase in our level of profitability. While markets do remain challenging, I remain confident that the momentum Hangar8's business has developed over the past year will continue, and we look forward to the future with a high degree of confidence."
ENDS
Enquiries
Hangar8 plc +44 (0) 1865 372215
Dustin Dryden, Chief Executive Officer
Kevin Callan, Chief Financial Officer
Blythe Weigh Communications + 44 (0) 20 7138 3204
Paul Weigh +44 (0) 7989 129658
Eleanor Parry +44 (0) 7551 293620
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
Mark Percy / Catherine Leftley (Corporate Finance)
David Banks / Paul Jewell (Corporate Broking)