30th Apr 2008 07:02
BBA Aviation PLC30 April 2008 30 April 2008 BBA AVIATION PLC ANNUAL GENERAL MEETING AND INTERIM MANAGEMENT STATEMENT BBA Aviation plc, the aviation services and systems support group, is todayissuing its first Interim Management Statement for the period from 1 January2008. Trading------- Trading for the first quarter ended 31 March 2008 was in line with ourexpectations. Total revenue for the group for the first quarter was 12% higher than the sameperiod in 2007, of which approximately 7% was due to increased fuel prices. Onan organic basis (exclusive of acquisitions and disposals) and at constantexchange rates and fuel prices, overall group revenue was unchanged, with FlightSupport down by 4% offset by growth in our Aftermarket Services and Systemsbusinesses. In Flight Support, sales in Signature for the first quarter (exclusive of theimpact of higher fuel prices) increased by 15% as a result of the acquisitionsmade in 2007. On an organic basis, revenue at constant exchange rates was 3%lower than the first quarter of 2007, due to the slower trading environment inNorth America that we highlighted at the end of February. As anticipated, salesin ASIG were 6% lower than the prior year due to the continued exit fromuneconomic contracts, which is expected to be completed by the end of June. ASIGhad a satisfactory de-icing season and the start-up of the TOGA contract at JFKairport is proceeding to plan. The previously announced acquisition of Hawker Beechcraft's Line ServiceOperation for a cash consideration of $128.5 million is expected to be completedtowards the end of the first half of the year. In Aftermarket Services and Systems, sales for the first quarter increased by 5%at constant exchange rates compared to the prior year after adjusting for thedisposals in 2007 of the businesses at Oxford. Our Engine Repair businesses haveseen strong demand across a wide range of engine programmes and the partsdistribution businesses are recovering as expected from a poor performance inthe second half of 2007. Legacy Support and APPH have started the year well. There has been no other significant change in the financial position of theGroup since the publication of the Report and Accounts for the year ended 31December 2007. Outlook------- Trading since the end of the first quarter has followed a similar trend andmarket conditions in our industry in North America appear to be stabilising. Inthe absence of a further impact from the slowdown in the economic environment,we continue to expect to make good overall progress in 2008. The longer termprospects remain exciting. Enquiries BBA Aviation plc 020 7514 3999 Simon Pryce, Group Chief Executive Andrew Wood, Group Finance Director Brunswick Group 020 7404 5959 Michael Harrison Kate Miller Notes to Editors BBA Aviation BBA Aviation is a world leader in aviation services focusing on Aviation FlightSupport and Aftermarket Services and Systems. BBA Aviation provides flightsupport services for corporate and commercial aviation customers as well asmaintenance, repair, overhaul and spare parts for aircraft engines. It alsosupplies aviation components, landing gear and hydraulic systems. These areattractive niches in a $250 billion market with clear barriers to entry, whereBBA has leading positions, well-known and reputable brands and a proven trackrecord of organic and acquisition-led growth. BBA Aviation was formerly part of BBA Group, but following the demerger ofFiberweb, in November 2006 it became a stand-alone aviation services and systemssupport business operating mainly but not exclusively in the Business andGeneral Aviation market. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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