5 March 2019 – final results
The aviation business has announced its final results for the year to 31 December and these have revealed a 26% increase in revenues on continuing operations to $2.35bn (2017: $1.86bn), whilst underlying pre-tax profits on the same basis fell slightly to $273.9m (2017: $275.0m). Adjusted earnings per share fell to $0.210 (2017: $0.218) although the dividend for the year rose by 5% to 14.07c (2017: 13.40c). Net debt at the year end had risen to $1.33bn from $1.17bn a year earlier. These were solid results in a difficult market and the group continues to invest in its business hence the increase in borrowings. The acquisitions of EPIC and Firstmark are progressing well and will benefit 2019 and beyond. Profits and earnings per share are expected to increase this year with EPS likely to emerge at $0.25 – this puts the shares on a p/e ratio of around 12.6x which is not expensive and the shares are a BUY.