Air Charter Service reports revenue fall and earnings increase in 2022

Air Charter Service said its 2022 results “exceeded expectations”  in 2022 with a 35% growth in private jet income and the arranging of 28,000 charter flights, including for over 2,000 new customers. “We have been blown away by the performance of our underlying business. Passenger charter revenue reached almost £450 million, whilst cargo accounted for close to £650 million,” said Chris Leach, Air Charter Service’s founder and chairman. However revenue fell as the impact of Covid restrictions on cargo flights faded, declining from £1.29bn in 2021 to £1.09bn in 2022. At the same time, earnings [EBITDA] increased from £72 million