Hangar 8’s (HGR8) expensive jet aircraft, already the transport of choice for rock stars and football teams, are becoming increasingly popular with wealthy Russians holed up in London. The company, which charges rich owners to operate their planes, grew revenue by 39 per cent in the year to 30 June, driving underlying operating profit up 140 per cent to £1.2m.
Of course, the acquisition of International Jet Club chipped in. More importantly, it added nine long-range, heavy jets to Hangar 8’s fleet, taking the total to 24. In the air for longer, they generate far higher margins. An increase in contracted revenue to 82 per cent of the total and longer-term deals worth 42 per cent of revenue improve visibility, too. Engineering revenue tripled to £3.2m after Hangar8 took the work in-house.
