ACS sees 2014 cargo recovery as revenues surge
29 / 04 / 2015
Air Charter Service (ACS) reports an “extremely successful 2014” for all three of its divisions.
Chris Leach, chairman of the UK-headquartered broker, observed: “The figures across the board are extremely pleasing. Every department – private jets, commercial airliners, group travel and cargo – grew in terms of revenue and number of charters, and our overall turnover increased by 14 per cent to £286m ($470m*) for the year ending 31st January 2015.
Leach added: "Our cargo department has recovered well from 2013, which I think everyone in the industry would agree, was a bad year for the overall market and, after a slow start to the year, revenue was up almost 21 per cent in 2014.”
ACS group profits more than doubled year on year, with earnings before interest, tax, depreciation and amortisation rising from £2.2m to £5.0m, although previous years’ profits had been affected by reinvestment in infrastructure.
Commented Leach: “As a company of more than 20 shareholders, all of whom work at the company, we were able to make the decision to reinvest in 2013. It now appears that the decision paid off, with almost £40m added to revenue in 2014.
“I believe that if we continue to invest and grow in the same way as we have been, we will achieve our ultimate aim of becoming the largest charter brokerage house in the world across all three sectors in the next five to ten years.”
*based on average exchange rate of 2014