£144 million revenue makes a record quarter for Air Charter Service
Air Charter Service is celebrating a record quarter, achieving both record revenues and contracts during the last three months.
The company has reported revenue of more than £144 million ($190 million) during the period August to October, 50% up on the same period last year, and arranged 4,279 contracts.
It puts the results down to an increase in market share – according to WingX data, the private jet market grew by about 5.5% year-on-year between August and October, while Air Charter Service arranged 25% more flights than in 2016 over the same period – and says it enabled it to beat last year’s total revenue with three and a half months to spare.
Group CEO Justin Bowman (pictured) said: “We saw marked increases across our three main divisions of cargo, private jets and commercial aircraft, as well as record performance by our onboard courier team.
“Figures have been slightly inflated by our work in relation to the hurricanes in the US and the Caribbean, for which we arranged more than 150 charters, both passenger evacuations and humanitarian aid. Even taking these aside, to arrange more than 4,000 contracts is equivalent to averaging almost two every hour of every day over the last three months. And to reach £144 million in one quarter is as remarkable, and another massive step in the direction of our next goal, which is to become a billion dollar company.
“This outstanding quarter – combined with a record first half performance of 35% growth in revenue and 17% increase in charter numbers – means that we surpassed our total revenue for last year part-way through October, with more than three and a half months of our financial year left. This is an amazing achievement by our team around the world.
“Next year will be an exciting one at ACS. We are looking to open a number of new offices over the next 18 months, so watch this space.”