7th May 2014 11:30
LONDON (Alliance News) - BBA Aviation PLC Wednesday said overall trading in the four months to April 30 was in line with its expectations, with group revenue up 1% on the previous year and 2% on an organic basis, but it said European market remains weak.
The organic figures exclude the impact of exchange rates, fuel prices, acquisitions and disposals.
In an interim management statement for the period January 1 to May 6, the aviation support and after-market services provider said flight-support revenue was up 8% during the period but after-market services revenue fell 11%.
BBA which provides engine maintenance, re-fuelling and airport flight support services, said signs of recovery in the business and general aviation in North America continued, with movements up 4% in the first quarter.
However, markets where challenging in other regions, with European business and general aviation movements flat and commercial movements, which includes airlines, down 2% in North America and Europe.
BBA said it refinanced its bank facilities, signing a new 5-year USD650 million multi-currency revolving facility with 11 partnership banks.
"We have made a good start to the year. The recovery in our major market continues and we are dealing effectively with weaker European and commercial markets, with the group performing to plan," Chief Executive Simon Pryce said in a statement.
"We are successfully executing our growth strategy with the award of engine authorisations supporting a material investment in our strategically important rotorcraft service offering, as well as through the continued expansion of the Flight Support network," he added.
The stock was trading at 310.40 pence Wednesday morning, down 1.80 pence or 0.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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