Air Charter Service H1 revenue zooms 49% to $770 million

Cargo division generated 44% more revenue than at the halfway point of 2021.

Air Charter Service H1 revenue zooms 49% to $770 million

Air Charter Service (ACS) recorded sales of $770 million for the first six months of its current financial year (February 1 - July 31), an increase of 49 percent compared to the same period last year with all three major divisions outperforming last year's figures.

"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," says Chris Leach, Founder and Chairman, ACS. "All three divisions of cargo, private jets and group travel have truly outdone themselves.

Chris Leach, Founder and Chairman, ACS

"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 give us. Different divisions and regions peaked at different times over the last two years but, for this year so far, the peaks seem to have come all at once."

The cargo industry remains strong with our cargo division generating 44 percent more revenue than at the halfway point of 2021 as supply chains continue to struggle, Leach added. "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."

The resurgence of the private jet market across the globe continues and revenue is not only up 56 percent on last year but also nearly 25 percent above the pre-pandemic levels of 2019, Leach said.

EBITDA increased more than three from times last year to a record $70.4 million. "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," says Leach.

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