BBA reports $82.2m full year pre-tax loss
Private aircraft services provider BBA Aviation on Wednesday posted a full year pre-tax loss of $82.2m after taking in $316m in exceptional items.
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The statutory pre-tax loss compares with a profit of $77.4m in 2015. Underlying profit before tax increased to $238.7m from $149.7m.
The exceptional items include an accounting impairment of $184.4m and a writedown of $109m relating to the sale of its ASIG refuelling business.
Group revenue increased by 25% to $2.1bn, including a $558.7m contribution from acquisitions.
BBA lifted its the dividend to 12.75 cents a share, up from 12.15 cents a year earlier.
Chief executive Simon Pryce said 2016 was a “transformational” after completing the “significant” acquisition of US-based rival Landmark Aviation for $2bn.
“The group is now focused on higher value-added, better IP protected, high return on invested capital and strongly cash generative businesses with enhanced prospects and the board remains confident of good growth in 2017," he said.
In a separate statement, the company said that finance director Mike Powell had resigned in order to take up the role of chief financial officer of Wolseley and will leave on May 31.
BBA said it had appointed David Crook, currently group financial controller, to replace Powell.