BBA Aviation Plc. (BBA.L) Tuesday reported a lower profit for the first half of the year, amid a marginal growth in revenues.
The company reported a pre-tax profit of $58.4 million that declined from the prior year's $79.6 million.
Exceptional items totaled $13.3 million, compared to $5.0 million last year. The items related to the closure of APPH's Basingstoke facility and costs associated with the ongoing project to drive cross-business synergies by standardising the finance function processes across the firm.
Underlying profit before tax declined to $71.7 million from $84.6 million.
Profit attributable to equityholders of the parent fell to $48.8 million from $62.8 million. Earnings per share dropped to 10.0 cents from 13.3 cents.
Revenue advanced 3 percent to $1.094 billion from $1.063 billion in the prior year. On an organic basis, excluding the impact of fuel prices, acquisitions and disposals, group revenue slid 1 percent.
The Board declared an increased interim dividend of 4.20 cents, up from last year's 3.99 cents.
Simon Pryce, BBA's CEO, said, ''Consistent with the subdued macroeconomic backdrop, we do not now anticipate any material improvement in markets in the second half, however with fewer headwinds and continued operational improvements we expect to make progress in the second half of the year and beyond.''
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by RTT Staff Writer
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