Highlights
Strong overall results, underlying operating profit (continuing and discontinued) up 56% to $149.6 million
Acquisition of Landmark Aviation delivering as anticipated
Integration proceeding well and synergy delivery ahead of plan
$190m of U.S. Department of Justice required FBO disposals completed
Continuing operations:
o Flight Support (93% of Group)
Excellent underlying operating profit growth of 84% in enlarged Signature despite broadly flat markets
Continued market outperformance, existing Signature organic revenue growth of 3.6% and underlying operating profit growth of 10.8%*
Increased confidence in delivering run rate synergies of at least $35 million
o Aftermarket Services (7% of Group)
Ontic, our Legacy Support business, delivered ahead of plan and with a strong order book
Weak H1 performance in ERO as trading conditions remained challenging, continued progress on footprint reduction programme
Statutory operating profit from continuing operations down 8% to $62.1 million
Discontinued operations:
o ASIG reclassified as held for sale; good underlying improvement
Exceptional and other items of $347.3 million
o Continuing challenges in ERO leading to non-cash accounting impairment of $185.3 million
o $128.9 million ASIG write-down resulting from reclassification as held for sale
o $44.7 million amortisation of acquired Landmark Aviation intangibles, in line with expectations
Strong net cash flow from operating activities of $160 million and Group de-levered to 3.2x net debt/EBITDA on a covenant basis, versus covenant of 4x
Adjusted underlying EPS up 6.4%
Interim dividend up 5% reflecting continued confidence in the Group's future growth prospects
