BBA Aviation Revenue Up 3 Percent For 2014

March 4, 2015
'In Flight Support, we anticipate continued strong momentum in Signature, supported by a sustained recovery in business & general aviation flying hours, as well as improvements in ASIG that should offset the loss of ASIG's JFK contract.'

BBA Aviation's underlying pre-tax profits rose by 1% to $172.4m in the year to the end of December.

Revenues were up 3% at $2,289.8m and underlying earnings before interest, tax, depreciation and amortisation rose by 2% to $267.2m.

On a statutory basis, EBITDA fell by 4% to $231.2m while pre-tax profits rose by 5% to $152.4m.

Chief executive Simon Pryce said: "2014 was another year of progress for BBA Aviation. Flight Support delivered strongly, offsetting a softer than anticipated performance in Aftermarket Services. Signature Flight Support and Legacy Support performed well ahead of expectations, with softer markets and start-up costs and short-term operating challenges impacting performance in ASIG and Engine Repair & Overhaul.

"The Group also continued to make good strategic progress, with significant extensions to both the Flight Support network and the Aftermarket Services portfolio. The Group continues to realise the benefits of the significant growth investments made in recent years, the full impact of which will not be seen until 2016 and 2017.

"In Flight Support, we anticipate continued strong momentum in Signature, supported by a sustained recovery in business & general aviation flying hours, as well as improvements in ASIG that should offset the loss of ASIG's JFK contract. In Aftermarket Services, Legacy Support's outlook remains solid. Engine Repair & Overhaul has now stabilised with the overall benefits of the footprint rationalisation programme offsetting continuing market weakness in the older mid-cabin engine segment. In addition, our overall performance will be supported by further incremental contributions from the substantial investments made across the Group in recent years. The Board therefore expects further good growth in 2015."