5th Mar 2019 09:49
LONDON (Alliance News) - BBA Aviation PLC on Tuesday reported a strong 2018 performance as the group continued to outperform the business & general aviation market.
For the year, the aviation and aftermarket services provider said statutory pretax profit edged up by 3.3% to USD174.3 million from USD168.7 million the year before. On an underlying basis, profit rose again by 3.3%, to USD308.0 million from GBP298.3 million.
BBA Aviation's revenue saw double digit growth at 20% to USD2.89 billion from USD2.41 billion the year before, helped up by contributions from acquisitions, particularly fuel supplier EPIC in July and the positive impact of higher fuel prices in the year.
The group declared a final dividend of 10.07 US cents per share, bringing the total payout to 14.07 cents, up 5% from 13.40 cents the prior year.
Looking ahead, BBA Aviation said the US business & general aviation market has seen little change, continuing the trend seen in the last quarter of 2018.
With a full contribution from acquisitions such as EPIC and Firstmark, the group remains confident in continuing its wider market outperformance.
"We are pleased with our strategic achievements in 2018, including the complementary acquisitions of EPIC and Firstmark Corp, which are important platforms for growth and were funded well within the parameters of our re-defined target leverage range. The integration of both acquisitions is progressing well with benefits to come in 2019 and beyond," said Chief Executive Mark Johnstone.
Shares in BBA Avation were down 5.4% at 240.40 pence on Tuesday.
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