Hangar8 releases results


Company issues 14 months results to 30 June 2011

Hangar8 Lineage 1000Hangar8 has announced its first final results as an
AIM listed company. The Company changed its year end from 30 April to 30 June
during the year. As a consequence, these results are for the 14 month period to
30 June 2011 while the comparatives are for the 12 months ended 30 April 2010, prepared
as if the Group has always been in existence.

Financial highlights total
group revenue is up 67% to £18.2m; compared to 2010 of £10.9m; the company
reports charter revenue up 72% to £14.1m (2010: £8.2m); management fees up 19.2% to £3.1m (2010: £2.6m); gross
margin percentage up 1.7% points to 20.2% (2010: 18.5%); strong cash position of £2.2m; operating profit before exceptional items, depreciation and
amortisation of £0.7m (2010: loss £0.1m);
adjusted EPS of 12.7p per share (2010: loss of 2.0p); basic EPS of (8.7p) per share (2010:
loss of 15.9p).

Operational key points are
the successful admission to AIM on 10
November 2010 raising £0.8m net of expenses; aircraft under management up by 13 to 32 (2010: 19); charter hours flown up 58% to 3,813
(2010: 2,413); average charter
rate per hour up 9% to £3,689 per hour (2010: £3,395); increased geographical
reach with the number of destinations flown to up 31% to 452 (2010: 344); addition to the fleet of the Embraer
Lineage 1000, the largest private jet available to charter in Europe; first
Hawker 4000 in Europe available for charter.

Chairman Nigel Payne said, “I am delighted with the performance of Hangar8
during its first year as a public company. Leveraging off its strong brand,
public company status and first class management team, we have achieved
everything and more that we set out to do at the start of the year. Our
financial performance has been strong and organic growth has been greater than
our expectations. As a result, the business now operates at a materially larger
scale and geographical reach than it did a year ago. These factors, together
with the move within our industry from both customers and aircraft owners away
from smaller operators to larger better capitalized ones leads us to approach
the new financial year with confidence.”

Dustin Dryden, chief
executive added, “With our strong
brand and existing platform we will continue to expand our geographical reach
by opening bases in new jurisdictions. We will also review acquisitions on a
case by case basis and pursue those which we feel are strategically important
to us. I am hugely enthusiastic about the next phase of our development as a
listed business and embrace the year ahead and all of its challenges.”

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