February 20, 2024
U.K.-based Air Charter Service said full-year revenues surged to $1.8 billion on 45% year-over-year growth. Its financial year ended January 31, 2022.
Its private jet charter division saw year-over-year increases of 40%. Jet card sales were 50% higher than pre-pandemic levels. An increase in usage resulted in the doubling of jet card revenues.
“At the end of our previous financial year, we predicted that sales would be extremely difficult to maintain at last year’s levels. So, for our team to deliver 45% growth and turnover of $1.8 billion, are incredible achievements and the proudest I have felt in the 32 years since I set up Air Charter Service,” said Group Chairman Chris Leach.
He added, “As for the future, and given the current climate, my only prediction would be unpredictability. The first two calendar months of 2022 have continued at the same pace as 2021 and with what visibility we have we believe this will continue through Q1 at least.”
Leach noted, “In such a turbulent world, inevitably there will be a point where the market could materially shift for any of our three main divisions. However, many of the possible shifts which could potentially impact the results of one division could end up benefiting another. So, our approach has been to invest in strengthening all areas of the business and the benefits of those investments will make us a far stronger business going forward as we prepare for all eventualities.”
Air Charter Service said growth in on-demand charters and jet cards was based on its broker model. It cited its “ability to source diverse solutions from the market…rather than being restricted by a limited fleet of aircraft.”
So far, the company has eschewed the industry’s mergers and acquisitions craze.
Not all areas of business are back to pre-pandemic levels. The company’s group charter division grew 20% in terms of flight volumes year on year. It is now back up to 93% of pre-Covid levels.
The company has 28 worldwide offices, including a new location in Brisbane, Australia.
In North America, it has offices in New York City, Los Angeles, San Francisco, Miami, Houston, Atlanta, Chicago, and Toronto.
