LONDON (dpa-AFX) - BBA Aviation (BBA.L) said the first half of 2019 has been broadly in line with its expectations for the Group, with a solid Signature performance. Looking forward, the Board is confident of delivering market outperformance through Signature strategic growth initiatives.
For the first-half, statutory profit before tax for the continuing Group was $57.5 million compared to $76.2 million, prior year. The company said the decrease arose principally from the adoption of IFRS 16 and the increased net interest on debt partially offset by lower levels of exceptional and other items charged. Statutory earnings per share for continuing operations was 4.5 cents compared to 6.0 cents, principally as a result of the impairment recognised on ERO and the adoption of IFRS 16.
For the first-half, continuing underlying profit before tax (on a pre IFRS 16 basis) was $132.0 million compared to $140.2 million. The decrease primarily resulted from the additional net interest costs following the revision to the debt structure in April 2018. Adjusted earnings per share (on a pre IFRS 16 basis) for continuing operations was 10.0 cents compared to 10.7 cents.
First-half continuing Group revenue increased by 23.3% to $1.26 billion. Signature revenue increased 23.3%, while organic growth in the Signature FBO business was 1.0%. Ontic revenue increased by 28.2% with organic revenue growth of 8.0%.
The Board declared an increased interim dividend of 4.20 cents, up 5%. The Group noted that a dividend reinvestment plan is in operation.
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