UK business aircraft charter and management company Hangar 8 has recorded a 26% increase in revenues to £65 million ($104 million) in the first six months of 2014, thanks to continued strong demand for large-cabin, long-range business jet travel from its established international customer base.
Between January and June, gross profit climbed 25% to £10.3 million, compared with £8.3 million for the same period last year, while operating profit was up 29% to £1.5 million, compared with £1.2 million for the first six months of 2013.
The Oxford airport-headquartered has added four managed aircraft to its predominantly large-cabin fleet over the past six months, which helped to boost its total charter flight hours by more than 50% to 1,483. This compares with 979 charter hours between January and June 2013.
“The Group has enjoyed an excellent year delivering significant organic growth," says Hangar 8 non-executive chairman Nigel Payne. "Controlled growth strategy has gained further momentum as we continue to focus our efforts on increasing the number of our long-term fixed contracts, diversifying the services we offer and expanding the geographical breadth and depth of the business,” he adds.
Source: FlightGlobal.com
