Gross profits at Air Charter Service (ACS) grew 10 per cent in 2016 to £41 million ($52.9 million) and the cargo division remained strong despite seeing no ‘exceptional events’.
Revenue for the company grew eight per cent to £342 million in the year ending 31 January 2017, with gross profit up 10 per cent to £41 million and underlying EBITDA growing 16 per cent to £7.3 million.
ACS says cargo results were skewed due to the previous financial year benefitting from a lot of high turnover, large aircraft business due to the US West Coast Port Strike of 2015.
Chief executive officer, Justin Bowman says: “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.”
Bowman says ACS arranged almost 12,500 contracts in 2016 and growth was spread evenly across its 20 offices, and comments there was even an upturn in the Russian offices’ fortunes.
UK, US and Indian offices were singled out by Bowman as the star performers and Sydney, which opened in February 2016 also got off to a “great start”.
He says: “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.”