Growth in the market for large-cabin business jets helped drive revenue and profit growth at London Oxford airport-based Hangar8 in the year to 30 June.
The charter and management company increased its number of large aircraft during the 12 months by five, as "revenues and margins are traditionally stronger" in this segment, it says. The total fleet now stands at 31 aircraft.
"During the year we have seen a significant shift in demand towards the heavier end of the market," says chief executive Dustin Dryden. "The demands of large corporates in particular, who travel across continents or over large distances, has fuelled this change."
The focus on bigger aircraft has been a "significant factor" in Hangar8 winning more long-term contracts, says Dryden, while also aiding its plans to expand into "wider geographical regions". As another move towards this target, it acquired Nigerian operator Star-Gate Aviation for a total consideration of £310,000 ($496,000).
It has also brought its maintenance operation in-house, expanding its repair operation at Oxford to cover 12 aircraft types and increasing cover worldwide with maintenance, repair and overhaul stations at Lagos and Abuja in Nigeria, Pointe-Noire in the Congo, and Almaty in Kazakhstan.
In October, Hangar8 made its first foray into the aircraft and passenger handling market following an agreement with Jersey airport to construct a new fixed-base operation and maintenance facility on the site - which is home to about a dozen business jets. The facility is scheduled to open in 2014.
Revenue for the period stood at £17 million, against £18.1 million for the 14 months to 30 June 2011. Pre-tax profit was £522,000, compared with a pre-tax loss of £500,000 in the prior year.