Last checked at 1 Jul 2014 07:00
1st July 2014
Hangar 8 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 2014, ahead of its preliminary results which are expected to be announced by the end of October 2014.
Trading Update
The Company has enjoyed an excellent year, with significant organic growth, that has delivered a strong increase in EBITDA ahead of management's expectations.
This strong growth has been derived not only from the continued development of Hangar8's fleet of private jets under management, but also through the development of additional value added services such as Hangar8's in-house Engineering which has now internalised the majority of fleet maintenance requirements adding considerably to turnover and profitability. The recent opening of Hangar8's aircraft paint facility provides an additional new revenue stream to the Company's aviation offering.
The Company's balance sheet is strong and in light of the past year's performance and the Board's optimism for the future, the Board intends to recommend to shareholders a maiden full year dividend of 2.3 pence a share when it announces its full year results.
Commenting, Dustin Dryden, Chief Executive, Hangar8, said:
"I am delighted with this past year - a year where we have, through the hard work and dedication of our excellent team, seen the fruits of our business strategy continue to yield great progress."
"As we now move into a new financial year, the improving economy is already feeding through into our marketplace with higher activity across our business streams. The outlook for our business is strong and we enter the year with confidence."
ENDS
Enquiries
Hangar 8 plc +44 (0) 1865 372215
Dustin Dryden, Chief Executive Officer Kevin Callan, Chief Financial Officer
Citigate Dewe Rogerson + 44 (0) 20 7638 9571
Chris Jarvis, Associate Director + 44 (0) 7720 084307
Jonathan Smith, Director + 44 (0) 7595 103280
Cantor Fitzgerald Europe + 44 (0) 20 7894 7000
Mark Percy / Catherine Leftley (Corporate Finance)
David Banks / Paul Jewell (Corporate Broking)