Air Charter Service earns £144 million revenue over three months

Eleanor Steed
By Eleanor Steed November 22, 2017 17:24

Air Charter Service earns £144 million revenue over three months

Aircraft charter specialist, Air Charter Service, has reported that the company achieved revenue of more than £144 million in the period August to October, making it the record quarter in its history, and 50% up on the same period last year, as well as reaching a new high of 4,279 contracts in just three months.

“We saw marked increases across our three main divisions of cargo, private jets and commercial aircraft, as well as record performance by our onboard courier team,” said Group CEO, Justin Bowman. “Figures have been slightly inflated by our work in relation to the hurricanes in the US and the Caribbean, for which we arranged more than 150 charters, both passenger evacuations and humanitarian aid. Even taking these aside, to arrange more than 4,000 contracts is equivalent to averaging almost two every hour of every day over the last three months. And to reach £144 million in one quarter, which is equivalent to almost $190 million, is as remarkable, and another massive step in the direction of our next goal, which is to become a billion-dollar company.”

He added: “WingX figures state that the private jet market grew by approximately 5.5% year on year between August and October. We arranged 25% more flights than in 2016 over the same period, meaning that we have definitely increased our market share. While no such official numbers exist for cargo or commercial jet charters, we believe that our growth on those sides of the business is also due to increased market share.
Bowman continued: “This outstanding quarter – combined with a record first half performance of 35% growth in revenue and 17% increase in charter numbers – means that we surpassed our total revenue for last year part-way through October, with more than three and a half months of our financial year left.”

Eleanor Steed
By Eleanor Steed November 22, 2017 17:24