Post by Humberside on Sept 3, 2012 16:41:39 GMT
Profits have soared at Eastern Airways Europe in a year when the Humberside-based airline added almost £20m to its revenues. The refinanced business swooped for a majority stake in Humberside Airport last month.
Eastern Airways Europe was founded in 1997 as a service for oil and gas workers living in the UK and working offshore. Since then, it has expanded to provide transport operations for other sectors and business users.
In the year to 31 December, the business reported pre-tax profit of £3.8m up from £1.2m. Sales for the period rose from £71.3m to £88.5m with increases in scheduled and charter operations. Load factors also increased, the company said.
During the year, the group operated 17 Jetstream 41 aircraft, eight Saab 2000s and three ERJ 135/145 aircraft which it said provided considerable flexibility in matching demand from the scheduled airline and charter markets.
In a report filed at Companies House, the airline said that less profitable routes ceased during the year and were replaced with new routes following a review.
Last month, the airline acquired a majority stake in Humberside Airport from Manchester Airports Group.
The business has taken an 82.7 per cent shareholding in the airport where its headquarters are located. North Lincolnshire Council has retained its minority stake in the airport.
Also this year, the airline agreed a refinancing deal with Santander Corporate Banking.
The company, which operates scheduled services to airports in the UK, France, Norway and Belgium, said the long-term agreement would allow its management team to focus on identifying further business development opportunities.
Eastern Airways Europe was founded in 1997 as a service for oil and gas workers living in the UK and working offshore. Since then, it has expanded to provide transport operations for other sectors and business users.
In the year to 31 December, the business reported pre-tax profit of £3.8m up from £1.2m. Sales for the period rose from £71.3m to £88.5m with increases in scheduled and charter operations. Load factors also increased, the company said.
During the year, the group operated 17 Jetstream 41 aircraft, eight Saab 2000s and three ERJ 135/145 aircraft which it said provided considerable flexibility in matching demand from the scheduled airline and charter markets.
In a report filed at Companies House, the airline said that less profitable routes ceased during the year and were replaced with new routes following a review.
Last month, the airline acquired a majority stake in Humberside Airport from Manchester Airports Group.
The business has taken an 82.7 per cent shareholding in the airport where its headquarters are located. North Lincolnshire Council has retained its minority stake in the airport.
Also this year, the airline agreed a refinancing deal with Santander Corporate Banking.
The company, which operates scheduled services to airports in the UK, France, Norway and Belgium, said the long-term agreement would allow its management team to focus on identifying further business development opportunities.
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