Simon Pryce, BBA Aviation Chief Executive Officer, commented:
"BBA Aviation produced another good performance in 2013, despite the low growth environment. Profit before tax was up 8% and earnings per share up 9%, driven in particular by Signature and Legacy, although ERO was weaker than anticipated. We also made strong strategic progress, with $150m of strategic investments across both divisions, the disposal of APPH and the planned return of $125m to shareholders.
While inputs in ERO are expected to remain subdued in 2014, and growth in Legacy will pause following the completion of several major contracts in 2013, North American B&GA flying, although still volatile, is showing some signs of a recovery. This, together with the incremental contribution from strategic investments already announced, an additional $24m of acquisitions and new licences agreed since year-end, continuing operational improvements and a solid investment pipeline, gives us confidence that 2014 will be another year of progress for BBA Aviation.
Over the longer term, the underlying strengths of our market-leading businesses, the continuing improvement in their operational performance and the structural growth and consolidation in our major markets give us increasing confidence in our ability to generate superior through-cycle returns."
