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01 Aug 2018 | 09:14

BBA Aviation profit falls 11% on exceptional charges

Aviation-support services group BBA Aviation said Wednesday pretax for the first half fell 11% as exceptional charges weighed on performance.

For the six months to 30 June, Pretax profit fell to $76.2m from $85.8m from the same period a year ago, revenue increased 14% to $1.02bn from $898.6m. Profits were weighed down by the higher level of exceptional and other items charged during the first six months of 2018, the company said.

Underlying pretax profit rose 3.3% to $180.5m, while organic revenue at the company's core flight-support segment was up 5%.

Flight Support (Signature), which accounts 87% of total underlying profit, saw organic revenue rise 1.8% supported by strong performance in network agreements.

'With the first full six months contribution from the network agreements, Signature is making encouraging progress despite the softer than expected US B&GA market,' the company said.

The interim dividend was increased by 5% to $0.04. 'The board is confident of modest growth in 2018, through continued outperformance against a soft US B&GA market backdrop and Ontic continues to have a strong pipeline of growth opportunities,' the company said.

At 9:14am: (LON:BBA) BBA Aviation PLC share price was -45.2p at 304.8p

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