News Column

Hangar 8 Beats Its Full-Year Expectations; Will Pay Maiden Dividend

July 1, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Shares in Hangar 8 PLC jumped Tuesday after the company said its earnings for its financial year just ended beat management expectations, and it intends to recommend a maiden full year dividend.

Hangar 8 shares were up 8.7% at 274.00 pence Tuesday morning.

The operator of privately owned passenger jet aircraft said it delivered a strong increase in earnings before interest, taxes, depreciation and amortisation in the financial year ended June 30, driven by what it said was "significant organic growth".

"Strong growth has been derived not only from the continued development of Hangar8's fleet of private jets under management, but also through the development of additional value added services such as Hangar8's in-house Engineering which has now internalised the majority of fleet maintenance requirements adding considerably to turnover and profitability," the company said in its statement.

The company said the recent opening of its aircraft paint facility also provides an additional new revenue stream.

Underpinning confidence in the business, Hangar 8 said it intends to recommends a maiden full year dividend of 2.3 pence a share when it announces its full-year results at the end of October.

"As we now move into a new financial year, the improving economy is already feeding through into our marketplace with higher activity across our business streams. The outlook for our business is strong and we enter the year with confidence," said Chief Executive Dustin Dryden in a statement.

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Source: Alliance News

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