Airwork Holdings profit lifts

Last updated 15:45 28/08/2014
Airwork CEO Chris Hart
THE CAPTAIN: Airwork CEO Chris Hart with an upgraded Honeywell 850 helicopter engine.

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Newly listed aviation provider Airwork Holdings has posted a profit 17 per cent ahead of its prospectus forecast.

Net profit increased by 52 per cent to $9.8 million for the year to June 30, fuelled by strong growth in the company's helicopter engineering business.

Airwork, which listed on the NZX last December, increased revenue by $7.1m, or 6 per cent, to $125.4m.

Earnings before interest and tax were $20.4m, 8 per cent ahead of the company's forecast.

Airwork will pay a fully imputed final dividend of 8 cents a share on October 10, making a total dividend of 15c for the year.

After the result, Airwork shares rose more than 5 per cent to $2.80 in morning trading, 5c above its $2.75 list price.

Chairman Mike Daniel said it was a satisfying result.

"Airwork has undertaken a successful [initial public offer] and NZX listing, exceeded its growth targets and laid the foundations for further growth in the current financial year and beyond," he said.

Its performance was underpinned by the certification of areas of its helicopter engineering business by European and North American regulatory agencies, opening market opportunities that Airwork was well positioned to develop, he said.

Chief executive Chris Hart said there was demand for aircraft in the mining and onshore oil and gas industries.

The company last year acquired the business of a helicopter operation in South Africa and signed a contract with an operator in the United States to buy up to 38 BK117 helicopters, he said.

"These are significant growth opportunities for our helicopter engineering and leasing businesses," Hart said.

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