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ACS firsts half revenues surge 41pc despite setback in Russia

Air Charter Service (ACS) has reported a "strong" set of result for the first half of the year with revenues up by 41 per cent without disclosing exact figures.

The company is under no obligation to reveal the exact figures under its private ownership, but it added that it had experienced an increase in revenue, charters and profits, the Air Cargo News of London reported.

Revenues at its cargo division were up 60 per cent year on year, 36 per cent at its charter division and 24 per cent at its private jet division. However, its Russian business was affected by the economic issues faced by that country.

ACS chairman Chris Leach said: "The strong figures have been evenly spread around the world. The only region in which we didn't see growth was Russia, so results would have been even better if it were not for the current troubles there."

He said there had been continued recovery of the cargo charter market after two years of virtual stagnation.

"Our cargo department in particular has had a booming first half of the year. Our private jet division has enjoyed a fruitful first six months. Aside from Russia, the growth is spread fairly evenly around our global offices, with our UK and Far East offices the real star performers.

"We have restructured our group charter division and have cut out an unprofitable revenue stream, allowing us to focus on other markets, " Mr Leach said.

The company said it remained debt free with a strong balance sheet and bank funds of GBP11.7 million (US$17.8 million) at the end of the half year, up from GBP8.8 million last year.

"Overall profits have more than doubled year on year, a large amount of which we are again reinvesting in our global infrastructure," said Mr Leach.

"We are also diversifying our service offerings with our new on board courier division, aircraft sales division and Air Evacuation Plan department, all of which complement our existing revenue streams."