Air Charter Service said its 2022 results "exceeded expectations" in 2022 with a 35% growth in private jet income and the arranging of 28,000 charter flights, including for over 2,000 new customers.
"We have been blown away by the performance of our underlying business. Passenger charter revenue reached almost £450 million, whilst cargo accounted for close to £650 million," said Chris Leach, Air Charter Service’s founder and chairman.
However revenue fell as the impact of Covid restrictions on cargo flights faded, declining from £1.29bn in 2021 to £1.09bn in 2022. At the same time, earnings [EBITDA] increased from £72 million to £82 million.
“2021’s revenue was exaggerated by hundreds of trans-Pacific widebody freighter flights carrying essential Covid-related cargo, along with a backlog of goods caused by the pandemic, and subsequent reduction in scheduled service network," Leach added, explaining that although those "large, expensive flights continued into the first few months of 2022", they "soon tailed off".
“Whilst cargo numbers have dropped off slightly, we have seen a 15% increase in private jets flights year-on-year, which represents a 29% increase in pre-pandemic levels. Private jet revenue was up 34% on 2021 and 72% up on pre-pandemic levels. This additional revenue is as a result of price inflation and customers booking longer flights on larger aircraft," Leach continued, saying the aim for 2023 is revenue between £800 and £900 million.
“To support our underlying growth, we have hired some experienced heads in key regions and grown our staff numbers overall, as well as opening two new offices in 2022, to drive future growth. There are exciting times ahead, with three new office openings in 2023, the first of which has just been announced as Mexico City," Leach added.