Sales and profits rise at Hangar8 in second half of 2011
Hangar8, the UK business jet operator, today announced that its revenues rose by 38% to £9.3 million ($14.3 million) for the last six months of 2011.
Hangar8, the UK business jet operator, today announced that its revenues rose by 38% to £9.3 million ($14.3 million) for the last six months of 2011.
It is also acquiring Star-Gate Aviation a South African operator for £330,000.
Management fees grew by 118% to £3.7million with charter revenues up by 4% to £5.1 million.
Hangar8 grew its fleet to 30 aircraft from 22 aircraft in January 2011.
“Hangar8 has continued to perform well in the first half of the year and I am very pleased with the overall progress of the business,” said Dustin Dryden, chief executive. “Our focus over the forthcoming months will be to invest in our maintenance offering, our people and further expanding our scale and geographic footprint through organic growth and acquisitions.”
The company made a profit before tax of £464,000 compared to a loss of £621,000 in 2010.
