20th Jul 2007 07:00
BBA Aviation PLC20 July 2007 20th July 2007 BBA AVIATION ANNOUNCES SALE OF OXFORD AIRPORT BBA Aviation plc today announces the completion of the sale of Oxford AviationServices Limited, trading as Oxford Airport to OA Acquisitions Limited (aprivately owned company) for a debt free cash free consideration of £40 million.This will produce an exceptional profit on disposal of approximately £24million, which is expected to be tax free. Oxford Airport, a small regional airport based 6 miles north of Oxford citycentre, has been owned and operated by BBA since March 2000. In the year ended31 December 2006, the Airport had a turnover of £4.5 million, operating profitof £0.3 million and gross assets of £11.0 million. Commenting on the disposal, BBA Aviation's Chief Executive Simon Pryce said: "The sale of Oxford Airport has been completed at an attractive price to BBAAviation and the disposal will be immediately earnings enhancing. Together withthe sale of Oxford Aviation Training, that was announced last month, BBA has nowrealised a total value of £77 million for both assets, which will be re-investedin our core Flight Support and Aftermarket Services and Systems divisions." Enquiries BBA Aviation plc 020 7514 3999 Simon Pryce, Group Chief ExecutiveAndrew Wood, Group Finance Director Brunswick Group 020 7404 5959Jemma Hill Notes to Editors 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 business. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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