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Interim Results

BBA Aviation underlying operating profits rise

01 August 2017 08:14

BBA Aviation's total underlying pre-tax profits rose to $143.3m in the six months to the end of June - up from £119.4m last time.

Continuing underlying operating profit increased by 29% to $174.9m.

On a statutory basis, total EBITDA rose to $212.5m from $173.0m and total pre-tax profits of $122.7m were up from $75.4m.

The group declared a dividend of 3.81 cents per share - up 5%.

Interim group chief executive Wayne Edmunds said: "We are pleased with BBA Aviation's performance overall in the first half of 2017.

"Against the background of a US B&GA market that grew 3%, we are making encouraging progress in delivering the benefits of Signature's unique global network of FBOs.

"We successfully concluded during the first half of the year negotiations with our largest customers regarding the delivery of our services across the enlarged, market-leading network and believe that the outcome demonstrates Signature's unrivalled ability to satisfy the needs of its customer base.

"Although we experienced a short-term negative impact on volumes relative to market during the period, Signature's strong drop through continues to demonstrate our ability to grow underlying operating profit ahead of market growth.

"In Aftermarket Services, Ontic had a good first half and we are pleased with the contribution of the portfolio of legacy avionics products acquired from GE Aviation at the end of 2016.

"Ontic continues to have a strong pipeline of growth opportunities.

"Although ERO continues to be impacted by reduced legacy mid-cabin fixed wing flying, the slight improvement in operating performance seen in the second half of 2016 was maintained in to the first half of this year.

"In summary, the Board's confidence of good growth in 2017 remains unchanged."

At 8:14am: (LON:BBA) BBA Aviation PLC share price was +8.6p at 308.3p

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