Hangar8 posts half year operating profit

Hangar8 plc, which recently completed a flotation on
the stock market, has posted a first half year operating profit of £0.3
million.

Financial highlights include; total group revenue for
the six months to the end of October rising 43% to £7.2 million and charter
revenues increased 52% to £6 million; gross margin percentage up 7% to 19% and
current cash at the bank stood at £1.2 million. 

Group Chairman Nigel Payne commented:
“During the period, we restructured the Company to create a strong
platform to support our planned future growth, including the preparation for
admission to AIM. Notwithstanding this we maintained our focus on operations
increasing the number of aircraft in our fleet and scale throughout the
business. As a result growth in revenue from both charter and management
activities has been delivered at a lower unit cost thereby increasing
profitability. We continue to see an exciting future for Hangar8 which we
look forward to with confidence.”

The private jet company has recently added the
exclusive Embraer Lineage 1000 and Hawker 4000 aircraft to their 21-strong
fleet.