Highlights
Momentum continues across the Group
Group Turnover up 3%, Aviation 7%
Strong operating cash flow at £29.0m (H1 2013: £24.6m)
Dividend increased by 5% to 8.1p (H1 2013: 7.7p)
Aviation continues to progress against its objectives
Underlying operating profit up 7%, excluding start-up costs
Strong contract wins and renewals during the period helps grow market share
Entry into new markets provides platforms for future growth
Cargo handling continues to deliver improved performance
Start-up costs to support contract wins impact first half results
Short term operational challenges in the UK
Positive first half in Distribution boosted by collectible sales
Iain Napier, Chairman said:
"The Group continues to progress despite challenges faced in Aviation in terms of continued airline pricing pressure and operational issues within our UK ground handling business. Notwithstanding these, we have enjoyed a very strong contract win season and Aviation remains well placed to continue to grow in a market with positive growth dynamics. Distribution has had a good first half and we look forward to seeing the benefits of our rationalisation programme which will conclude at the end of 2015. Overall, I am pleased that the Group continues on a strong financial footing with excellent prospects."
