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AIR CHARTER SERVICE ANNOUNCES STRONG FINANCIAL RESULTS FOR 2016

28 April 2017


Leading aircraft charter specialist, Air Charter Service, has reported a strong 2016, with an 8% increase in revenue, totalling £342 million in the year ending 31st January 2017.

Justin Bowman, ACS’s CEO, said: “We arranged almost 12,500 contracts in 2016 and generated revenue of £342 million – pleasingly the strong growth was evenly spread across our 20 offices worldwide, there was even an upturn in our Russian offices’ fortunes, following recent economic troubles in the region.

“In the previous financial year we did a lot of high turnover, large aircraft business around the US West Coast Port Strike in early 2015, which slightly skewed our Cargo department’s figures. 2016 saw no ‘exceptional events’ and, due to this, our Cargo department suffered a slight drop in terms of turnover, however underlying revenue increased by 5%. Volumes were also up – an increase of more than 6% in cargo charter contracts, coupled with more than 1,000 onboard courier jobs, a growth of 60% on the previous year.

“Our Private Jet division has enjoyed a particularly strong year, growing charter volumes by more than 10% and revenue by a similar amount, compared to the previous 12 months. Again the growth is spread fairly evenly around our global offices with our UK, US and Indian offices the real star performers. Sydney deserves a mention for a great start after opening in February of last year.

“Our Group Charter division, which caters for aircraft carrying more than 20 passengers saw a marked improvement in charter numbers and impressive growth of 27% in terms of revenue.

“Gross profit from all aircraft charters totalled a company record £41 million, showing underlying growth of 10%.

“All of this means that ACS remains in strong cash position, with bank funds of £11 million worldwide at the end of the year. These figures do not include deposits from our jet card customers, as we hold these in separate bank accounts on behalf of our clients which are not mixed with our own trading funds.

“Our underlying EBITDA grew 16% to £7.3 million, which I feel reflects our continuous investment in our global infrastructure.

“We are extremely confident about this current year and beyond and that our growth will continue. Despite the various worldwide political instabilities, and unknown challenges, currently things are looking good.”


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