Sales between 1 February and 31 July were $770m, up 49% on the same period last year, and EBITDA was up 227% to $70.4m.
Cargo revenue was up 44% as supply chain issues continued. Chris Leach, Chairman of ACS, says, “We expect a cooling of the market at some point and there are signs of it in certain regional markets and sectors. However, as of September, we have not seen that translate to a slowdown of our overall cargo business.”
Speaking about company results as a whole, Leach says, “Last year was our record year, with revenue of $1.8 billion, but at the halfway point we weren’t in as good shape as we are for this one. All three divisions of cargo, private jets and group travel have truly outdone themselves.
“Over the past two years we’ve been fortunate enough to have been very successful, in no small part due to the diversity that our global presence and three main divisions gives us. Different divisions and regions peaked at different times over last two years but, for this year so far, the peaks seem to have come all at once.”
Private jet revenue was up 56% with strong growth in all regions except the CIS due to withdrawing from Russia, and group charter revenue was up 78% due to the events industry and sports teams travelling again.
Looking into the second half, Leach says, “We expect that much of the market will slow down in H2, and we do not expect to see anywhere near the level of growth we saw in H1. However, we expected the same for H1 of this year and look where we are, so I guess there is all to play for in the remainder of the year.”