Interim Results

RNS Number : 3232Z

Hangar 8 Plc

06 March 2013

 



6^th March2013

HANGAR 8 PLC (AIM: HGR8)

("Hangar8", "the Company" or "the Group")

Interim results for the six months to 31 December 2012

Hangar8, one of Europe's largest operators of privately owned passenger jet aircraft, today announces half-year results for the six month period to 31 December 2012.

	Unaudited six months to 31 December 2012	Unaudited six months to 31 December 2011	Change
Revenue	£11.1m	£9.3m	+19.4%
Adjusted EBITDA¹	£890,000	£518,000	+71.8%
Profit before tax	£649,000	£464,000	+39.9%
Period end cash balance	£4.7m	£1.2m	+£3.5m
Basic earnings per share²	6.8p	5.1p	+33.5%

¹ Adjusted EBITDA is profit before tax, depreciation, amortisation and exceptional items amounting to £193,000 (2011: £54,000).

² Basic earnings per share is computed by dividing the profit after tax, without any adjustment for exceptional items, by the basic weighted average number of shares.

Financial highlights

·     Strong performance, in line with management expectations

·     Adjusted EBITDA increased 72% to £890,000 (2011: £518,000); gross margin increased to 35% (2011: 26%)

·     Improved quality and visibility of earnings by focusing on long-term management and charter contracts and reducing exposure to spot-charter market; where total contracted revenues (excluding the ad-hoc charter element) accounted for 69% of revenue (FY 2012: 57% / H1 2011: 40%), and within that percentage are long-term contracts accounting for 43% of revenue during the period (2011: 9%)

·     Strengthened balance sheet through institutional placing in November 2012 raising gross proceeds of £4.2m; net cash balance of £4.7m (2011: £1.2m)

Operational highlights

·     Step change achieved in scale of Group business

o  Number of aircraft under management now at 46 (2011: 30), with four helicopters also under management and a further 4 aircraft added post period end

o  Average size of aircraft increasing - 24 long-range, heavy jets in fleet at period end (2011: 11), with a further 3 heavy jets added post period end

·     Successful acquisition of International Jet Club Limited ("IJC") in November 2012

o  Added 10 long-range, heavy jets to Group fleet

o  Enhanced Group operating capabilities with best-in-class systems, regulatory compliance and management expertise across jets from every major manufacturer

·     Breadth of global platform expanded with 6 new international bases established during the period, bringing the total to 14 (2011: 6)

·     Depth of service offering increased; investment in staff to support global platform, particularly in recently internalised engineering capability which is contributing to profit and assisting business development  

Nigel Payne, Chairman, commented:

"In a relatively short period of time we have successfully built a business capable of delivering first-class private jet management, charter and engineering services on a global basis. The recent acquisition of IJC has facilitated a step change in our business with further international expansion and investment in our engineering capabilities providing an exciting platform on which to build."

"The Board is pleased with this set of results which underscores the substantial progress that the Company has made. Our focus now turns to leveraging the scalable platform we have established to deliver long term sustainable growth. We look forward to the future with confidence."

For further information please visit www.hangar8.co.uk or contact:

Hangar 8 plc                                                                       [phone]

Dustin Dryden, Chief Executive Officer

Kevin Callan, Finance Director

Blythe Weigh Communications                                + 44 (0) 20 7138 3204

Paul Weigh                                                                         [phone]

Robert Kellner                                                                  [phone]

Seymour Pierce                                                                [phone]

Mark Percy/Julian Erleigh (Corporate Finance)

David Banks/Katie Ratner (Corporate Broking)

Chief Executive's Statement

Hangar8 has delivered a strong performance in the six months to 31 December 2012, in line with our expectations. We have made significant progress against each of our strategic goals increasing:

·     the scale of our business through organic growth and the acquisition of International Jet Club;

·     depth through investment in talent, particularly in our engineering offering; and

·     breadth through further international expansion, establishing bases in 6 new countries.

The combination of these efforts provides us with a rich platform on which to drive profitability and deliver further growth.

Earnings momentum supported by balance sheet strength

Adjusted EBITDA was £890,000 (2011: £518,000), an increase of 72%, on revenue of £11.1m (2011: £9.3m). Basic earnings per share were 6.8p (2011: 5.1p) an increase of 33.5%. Our gross profit margin increased to 35% (2011: 26%), reflecting the increase in the proportion of long-range, heavy jets the Group now manages, which yield superior margins, and our focus on longer-term charter contracts which enhance our forward visibility and also deliver improved margins.

Our period end cash balance was strong at £4.7m (2011: £1.2m), reflecting improved cash generation and the successful institutional placing that was undertaken in November 2012, which raised gross proceeds of £4.2m. The placing was oversubscribed and we were delighted by the support we received from the investing institutions. The Group's strong financial position ensures that we retain the capability to fund opportunities as they arise.

Operational progress in scale, scope and depth of business offering

In addition to our strategic intent of increasing the number of aircraft the Group manages, we have also deliberately focused our efforts on increasing the proportion of long-range, heavy jets in our fleet. This approach has been driven by a combination of adapting our focus in response to market demand and concentrating our efforts on aircraft that deliver superior margins. Strong progress can be demonstrated in both areas. At the period end the total number of aircraft under management was 46, an increase of 15 from 30 June 2012 and up from 19 at the Company's admission to AIM in November 2010. Post the period end we have added a further three heavy aircraft and our current fleet comprises of 24 heavy jets, compared to 13 at 30 June 2012.

Alongside the improvement in size and quality of our fleet and the impact this has had in terms of revenue derived from management fees, concentrated efforts have been made in diversifying our business away from the spot charter market by focusing on long-term charter contracts for guaranteed blocks of charter hours per month. These long-term contracts carry superior margins to those achievable in the spot charter market and also deliver the added benefit of providing us with increased forward visibility through guaranteed revenue streams, which enable better forward planning. As a result of this, contracted revenue now accounts for 69% of total Group revenue (2011: 40%).

The benefits of our decision to internalise the Group's maintenance function is clearly demonstrated in this set of results. Revenue derived from engineering activity was £1,109,000, an increase of 156% (2011: £434,000). The extension to the depth of service Hangar8 provides has not only been welcomed by our existing client base but is also proving successful in assisting business development. We have held discussions with a number of aircraft owners who previously procured management and engineering services from separate entities and we believe that the one-stop shop nature of our service offering has an important role to play in driving organic growth.

We have continued to expand our geographic footprint, with 6 new international bases - Slovenia, Vienna, Geneva, Milan, Krakow and Amsterdam - established in the period, adding to our existing presence in UK, France, Nigeria, Congo, Malta, Kazakhstan and South Africa which remain our key growth markets for the Group, and we continue to make progress in securing contracts with major natural resources businesses. During the period we secured several new contracts in this area and renewed two existing contracts. The Group has also secured the management contract for a Bombardier LearJet equipped with medical evacuation facilities which is based in South Africa and we expect to see progress in terms of its utilisation in the second half of the current financial year. We have also begun to see the benefit of the footprint we have established in Asia and are currently in discussions with a number of major corporates in the natural resources sector for the provision of private jet services across Asia. In total, the Group has four contracts of this type globally, an increase of two on the corresponding period last year.

In line with the increase in scale, scope and depth of our business we have invested accordingly in upgrading our operational and financial systems, procedures and infrastructure. We are already seeing the benefit of the changes we have implemented which have allowed us to:

·     more efficiently service our growing fleet, particularly the heavier jets on which we have focused;

·     enhance our ability to execute new contracts on favourable commercial terms; and

·     improve our cost recovery ability, which has delivered significant working capital improvement.

IJC Acquisition delivering on expectations

In November 2012, the Group announced the acquisition of IJC for a total consideration of £5.044m which comprised: £0.990m of equity; £1.100m of cash; and £2.954m of deferred consideration. Established in 1998, IJC, based in Farnborough, provides high-end management and charter services to ultra-high net worth owners of large private jet aircraft. With the addition of nine heavy jets, the acquisition facilitated a step change in the scale of Hangar8's business.

We have deliberately not adopted an accelerated integration of the two businesses but have already identified areas where each business can benefit from the other. For example, IJC's management and operational systems and expertise are best-in-class, while Hangar8's engineering capability provides a value-add to IJC clients. So far, IJC has proved to be exactly what we expected and we are confident that the acquisition will deliver significant benefit to our Group in both the immediate and long-term.

Board changes

As reported at the time of our full year results in November 2012 David Cowham stood down from the Board on 28 November 2012 and Michael Peagram was appointed to the Board on the same date.  Following the completion of the IJC acquisition Murray Law joined the Board as Vice-Chairman on 13 December 2012. 

In addition, the Board today announces the appointment of Kevin Callan as Finance Director with immediate effect. I am delighted to welcome Kevin to the Board and have no doubt he will play a pivotal role in the Group's future success.  Kevin, trained as an accountant in a private practice, was first employed as Group Accountant in the International airfreight and courier sector, he joined UK based airline Flightline in 1993, a global aircraft charter, contract and management specialist including its in-house aircraft maintenance facility, and by 1995 was appointed as Chief Financial Officer.

In that same year he obtained his own Private Pilot's License. During Kevin's 16 years with Flightline he developed extensive industry knowledge beyond group consolidated finance functions alone, overseeing 2 business acquisitions, gaining an understanding of operational and maintenance requirements and regulations, the buying, selling and leasing of jet aircraft. He is well versed in aircraft Insurance, Management Contracts, Operating Leases and Engineering.

In 2009 Kevin established his own Aviation Finance Consultancy, performing numerous assignments in Eastern Europe, Middle East and Africa, where he worked extensively with a variety of aviation companies in all phases of their aviation business development, from business plans for start-ups to established low cost scheduled carriers, both fixed wing and helicopter operators, aircraft maintenance organisations and also aviation training academies. Kevin was originally contracted by Hangar8 Plc in September 2012 to introduce tailored financial reports and controls and to oversee the integration following the recent acquisition of International Jet Club, and with his proven track record is now well placed to succeed as Finance Director.

The previous Chief Financial Officer, Philip Brady, has stepped down after indicating that he wishes to pursue new challenges. Philip played a significant part in helping to grow Hangar8 over the past two years and, on behalf of the Board, I would like to thank Philip for his contribution

Outlook - focused on delivering sustainable organic growth

In summary, I am very pleased with the progress that our Group has made in the first half of the financial year. The combination of sustained organic and acquisitive growth has created a powerful, global platform on which we can build. While we continue to believe that there is scope for further consolidation within our industry, and continue to review strategic acquisition opportunities as they arise, our immediate focus is on harnessing the full benefits of our combination with IJC and delivering further organic growth. This is something we are confident of achieving given the scale and geographic reach of our business, the investment that has been made, the talent at our disposal and the market position that we have built. 

Our Group business has never been in better shape. We are confident of meeting our expectations for the full year and continue to look to the future with optimism.

Dustin Dryden

Chief Executive Officer

6^th March 2013

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

			Six months ended 31 December 2012	Six months ended 31 December 2011	Year ended  30 June 2012
			(unaudited)	(unaudited)	(audited)
	Note		£'000	£'000	£'000
Revenue		11,051		9,260	17,000
Cost of sales		(7,137)		(6,860)	(12,063)
Gross profit		3,914		2,400	4,937
Administrative expenses			(3,217)	(1,936)	(4,650)
Other operating income			-	-	235
Adjusted EBITDA			890	518	1,075
Exceptional items	3		(112)	-	(426)
Depreciation and amortisation			(81)	(54)	(127)
Operating profit			697	464	522
Share of post-tax loss of joint venture		(48)		-	-
Profit before taxation		649		464	522
Taxation	4	(189)		(141)	(211)
Profit after tax			460	323	311
Other comprehensive income Items that may be subsequently reclassified to profit and loss:
Exchange gains arising on translation of foreign operations			18	-	28
Profit and total comprehensive income for the period attributable to the owners of the Company			478	323	339
Earnings per share attributable to the equity holders of the parent	5
-      basic		6.8p		5.1p	4.9p
-      diluted		6.5p		5.1p	4.8p

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

		31 December 2012	31 December 2011	30 June 2012
		(unaudited)	(unaudited)	(audited)
	Note	£'000	£'000	£'000
Non-current assets
Goodwill	6	2,106	-	-
Software		157	151	173
AOCs		900	-	712
Intangible assets		3,163	151	885
Property, plant and equipment		202	122	113
Investment in equity accounted joint venture		-	-	48
Deferred tax asset		106	194	127
		3,471	467	1,173
Current assets
Stock		234	146	121
Trade and other receivables		12,127	7,313	9,035
Cash and cash equivalents		4,745	1,231	790
		17,106	8,690	9,946
Current liabilities
Trade and other payables		(13,881)	(8,725)	(10,406)
Corporation tax liability		(656)	-	(120)
		(14,537)	(8,725)	(10,526)
Net current assets/ (liabilities)		2,569	(35)	(580)
Net assets		6,040	432	593
Equity attributable to the owners of the Company
Share capital		94	63	64
Share premium		5,594	1,653	1,653
Merger reserve		1,114	-	129
Share based payment reserve		28	-	15
Foreign exchange reserve		46	-	28
Retained earnings		(836)	(1,284)	(1,296)
Total equity		6,040	432	593

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASHFLOWS

	Six months ended 31 December 2012	Six months ended 31 December 2011	Year ended 30 June 2012
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Cash flows from operating activities
Profit before taxation	649	464	522
Depreciation and amortisation	82	54	127
Shared based payment	13	-	15
Impairment provision	-	-	16
Impairment of JV investment	48	-	(43)
(Increase) in stock	(113)	(146)	(121)
Decrease/(increase) in receivables	775	(350)	(2,076)
(Decrease)/increase in payables	(2,376)	(962)	321
Other non-cash movement	12	-	-
Net cash flows from operating activities	(910)	(940)	(1,239)
Cash flows from investing activities
Purchase of property, plant and equipment	(98)	(50)	(46)
Purchase of intangibles	(217)	-	(144)
Net cash acquired on purchase of subsidiary	1,214	-	3
Investment in joint venture	-	-	(5)
Net cash generated/(used) in investing activities	899	(50)	(192)
Cash flows from financing activities
Issue of ordinary shares	4,199	-	-
Share issue costs	(233)	-	-
Net cash from financing activities	3,966	-	-
Net increase/(decrease) in cash and cash equivalents	3,955	(990)	(1,431)
Cash and cash equivalents at beginning of the period	790	2,221	2,221
Cash and cash equivalents at end of the period	4,745	1,231	790

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

	Share capital	Share premium	Merger reserve	Share based payment reserve	Foreign exchange reserve	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance as at 1 July 2012	64	1,653	129	15	28	(1,296)	593
Transactions with owners:
Issue of shares IJC acquisition	5	-	-	-	-	-	5
Issue of shares fund raising - 3 December 2012	25	4,174	-	-	-	-	4,199
Share issue costs	-	(233)	-	-	-	-	(233)
Share based payments	-	-	-	13	-	-	13
Merger relief taken on acquisition of IJC	-	-	985	-	-	-	985
Total comprehensive income for the period	-	-		-	18	460	478
Balance as at 31 December 2012	94	5,594	1,114	28	46	(836)	6,040
Balance as at 1 July 2011	63	1,653	-	-	-	(1,607)	109
Total comprehensive income for the period	-	-	-	-	-	323	323
Balance as at 31 December 2011	63	1,653	-	-	-	(1,284)	432
Balance as at 1 July 2011	63	1,653	-	-	-	(1,607)	109
Transactions with owners:
Issue of shares - 1 March 2012	1	-	-	-	-	-	1
Share based payments	-	-	-	15	-	-	15
Merger relief taken on acquisition of Star-Gate	-	-	129	-	-	-	129
Total comprehensive income for the year	-	-	-	-	28	311	339
Balance as at 30 June 2012	64	1,653	129	15	28	(1,296)	593

The accompanying notes are an integral part of this interim financial information.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM STATEMENTS

1.   Basis of preparation

Hangar 8 plc (the "Company") is a company domiciled in England.  The basis of preparation of this financial information is consistent with the basis that will be adopted for the full year accounts which were prepared in accordance with IFRS as adopted by the European Union.

While the financial figures included in this half-yearly report have been computed in accordance with IFRS applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

This interim financial information has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board and the financial information contained in this report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The 30 June 2012 figures have been extracted from the audited financial statements for this period.

2.   Accounting policies

The condensed consolidated interim financial information has been prepared using accounting policies consistent with those set out on pages 25 to 31 in the audited financial statements for the year ended 30 June 2012, except as set out below.  These accounting policies have been applied consistently to all periods presented in this Financial Information. 

Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the identifiable net assets acquired. Goodwill on acquisition of subsidiaries is included in 'intangible assets'. Separately recognised goodwill is tested annually for impairment and carried at cost less accumulated impairment losses.

Any impairment losses would be recognised within administrative expenses in the consolidated statement of comprehensive income for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.

Impairment losses on goodwill are not reversed.

Critical accounting estimates & judgements and principal risks & uncertainties

There have been no changes to any of the Group's critical accounting estimates and judgements of its principal financial risks, except for those listed out below:

(i) Goodwill and impairment

The recoverable amount of goodwill is determined based on value in use calculations of the cash-generating units to which it relates.  The "value in use" calculations use pre-tax cash flow projections using data from the Group's latest internal forecasts. The revenue forecasts are extrapolated on a reasonable basis applying an applicable rate of growth. The results of the value in use calculations are reviewed by the Board.

The key assumptions for the value in use calculations are those regarding discount rates, revenue commencement dates, growth rates, absolute values of expected sales and expected margins and costs. Management estimate discount rates using pre-tax rates that reflect the current market assessment of the time value of money and the risks specific to the cash-generating unit. Revenue commencement dates are based on current planned launch dates.  Growth rates, absolute values of expected sales and expected margins and costs are based on information received from commercial partners and market intelligence reports on expectations of future changes in the market.

Pre-tax cash flow projections are discounted to calculate value in use using a pre-tax discount rate. The pre-tax discount rate is based on a number of factors including the risk-free rate in the UK, the Group's estimated market risk premium, and a premium to reflect the inherent risk of the forecast income streams included in the Group's cash flow projections, which remain subject to contracts being agreed with prospective customers.

(ii) Fair value of identifiable net assets acquired

Upon acquisition of a business, its identifiable assets and liabilities are assessed to determine their fair value. The values attributed to assets and liabilities as part of this process are, where appropriate, based on market values identified for equivalent assets, together with management's experience and assessments including comparison to the carrying value of assets of a similar condition and age in the existing business.

The following standards issued by the IASB have been adopted by the Group with no significant impact on its consolidated results of financial position:

·      Amendment to IAS 1 - Presentation of items of other comprehensive income (effective for accounting periods beginning in or after 1 July 2012)

·      Amendments to IAS 12 - Deferred tax: Recovery of underlying assets (effective for accounting periods beginning in or after 1 January 2013)

·      Amendments to IFRS 7 - Disclosures: Transfers of financial assets (effective for accounting periods beginning in or after 1 January 2012).

The Group is currently assessing the impact on presentation and recognition in the consolidated results in future periods of other standards and interpretations issued by the IASB or IFRIC which are not yet effective in the current reporting period.

Going concern

The Directors are of the opinion that at 6^th March 2013, given the Group and Company's liquidity and capital resources are adequate to deliver the current strategic objectives and business plan and that both the Group and the Company remain a going concern.

3.   Exceptional Items

Operating profit is stated after Exceptional items relating to business acquisition costs

4.   Taxation

The tax charge for the half year is calculated on the basis of the estimated full year effective tax rate and consists of a deferred tax release of £22,000 and an estimated corporation tax charge for the period of £167,000.

5.   Earnings per share ("EPS")

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. 

	Six months ended 31 December 2012	Six months ended 31 December 2011	Year ended 30 June 2012
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Profit attributable to ordinary shareholders	460	323	311
	_______	_______	_______
Denominator
Weighted average number of shares used in basic EPS	6,758,141	6,333,334	6,373,423
Effects of:
Employee share options	232,403	-	106,082
Deferred share consideration on business combinations	25,063	-	55,442
	_______	_______	_______
Weighted average number of shares used in diluted EPS	7,015,607	6,333,334	6,534,947
	_______	_______	_______
Basic earnings per share - pence	6.8	5.1	4.9
Diluted earnings per share - pence	6.5	5.1	4.8

6.   Acquisition

As part of the Group's strategy to grow through acquisition, on 28^th November 2012 the Group acquired 100% of the share capital of International Jet Club Limited, Aravco Limited, Optimum Aviation Limited and Exclusiv Aviation Limited, a group of commonly owned companies which provide high-end management and charter services to ultra-high net worth owners of heavy jets.  The principle reason for this acquisition is that it provides immediate revenue and cash flow to the Group and increases the Group's presence in the heavy jet arena consistent with the Group's stated strategy of focusing upon this higher margin niche in the aviation market place.

The purchase has been accounted for under the acquisition method of accounting.

Adjustments are made to the assets acquired and liabilities assumed during the assessment period to the extent that further information and knowledge come to light that more accurately reflect conditions at the acquisition date.

The consideration paid or payable in respect of the acquisition comprises the amount paid on completion, plus an estimate of an amount due in the future and has been allocated against the identified tangible net assets, with the balance provisionally recorded as goodwill.  At the date of the authorisation of these financial results an initial assessment of the fair value of the identifiable

6 Acquisition (continued)

intangible assets had not been undertaken due to the close proximity of the acquisition to the period end. Transaction costs and expenses such as professional fees are charged to the Statement of Comprehensive Income.

A summary of the effect of the acquisition is detailed below:

	Provisional book value at acquisition	Provisional fair value adjustments	Provisional fair value
	£'000	£'000	£'000
Property, plant & equipment	25	-	25
Trade and other receivables	5,977	-	5,977
Net cash	2,336	-	2,336
Trade and other payables	(5,400)	-	(5,400)
	_______	_______	_______
Net assets acquired	2,938	-	2,938
	_______	_______	_______
Consideration Satisfied by:
Shares issued upon completion			990
Cash settled on completion			1,100
Deferred cash consideration			2,954
			_______
Total consideration payable			5,044
			_______
			_______
Provisional goodwill arising on acquisition			2,106
			_______
Acquisition related costs recognised as an administrative expense			(63)

The Group has identified the provisional fair values of the tangible assets acquired and liabilities assumed, excluding the separate identification of intangible assets as required by IFRS 3 'Business Combinations'. This formal process will involve an assessment of the assets acquired and liabilities assumed with assistance provided by external valuation specialists where appropriate. The assessment period remains open up to a maximum of 12 months from the relevant acquisition date. As at 31 December 2012, the assessment was not complete and accordingly the fair values presented are provisional.

Intangible assets acquired are expected to comprise an Air Operators' certificate, brand and customer relationships.

	Fair value £'000
The net cash outflow in the period in respect of acquisitions comprised:
Total cash consideration	(1,100)
Net cash acquired	2,336
	_____
Total cash outflow in respect of acquisitions	1,236
	_____

The acquisition made during the period to 31 December 2012 contributed £150k to the Group's revenue and an operating profit of £9k to the Group's profit from operations.  Had the acquisition taken place at the start of the period the contribution would have been £969k to the Group's revenue and £130k to the operating profit.

7.   Post balance sheet events

As announced today Philip Brady has left the Group as Chief Financial Officer with immediate effect and Kevin Andrew Callan has been appointed to the Board as Finance Director.

Mr Callan, aged 53, has been a director or partner during the previous five years of Aviation Representation (UK) Limited, MD Ventures Limited, Bettersky Limited, Flightline Limited, Atlantic Wings Limited and Prospect Aviation.  Aviation Representation (UK) Limited entered into Voluntary Creditors Liquidation in February 2009.  Flightline Limited went into administration in December 2008 and was dissolved in September 2011.

Mr Callan currently has nil interest in the ordinary shares of the Company.

There are no other matters which are required to be announced with regard to the appointment of Mr Callan under paragraph (g) of Schedule 2 of the AIM Rules.  

8.   Dividend

No dividend has been proposed or recommended during the period. The Board remains committed to the integration of the newly acquired businesses and the exploration of investment opportunities which are the short to medium term strategic goals of the group.

9.   Copies of the interim statement

Copies of the interim statement will be sent to shareholders.  Further copies will be available from the Company's registered office at The Farmhouse, Oxford Airport, Oxford OX5 1RA, and from the Company's website: www.hangar8.co.uk

 

END

 

 

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