press notice

Back to press notices

11th September 2001

BBA GROUP PLC Interim Results for the Six Months Ended 30th June 2001

ACQUISITION OF BARRETT, PRIESTER AND EXCLUSIVE AGREEMENT WITH NETJETS

Interim results

  • Sales from continuing operations £695m (H1 2000: £639m)
  • Normalised PBT £71m (H1 2000: £79m)
  • EPS 11.1p (H1 2000: 14.5p) and dividend 3.1p (H1 2000: 3.1p)
  • Free cash inflow £8m (H1 2000: outflow £41m)
  • Aviation Services: 5 per cent organic sales growth, strong margins at 13 per cent acquisition of ASIG for $138m (July) - transforming commercial aviation operations
  • Materials Technology: sales down 1 per cent
  • major productivity drive (reducing costs by £20m by end 2002)
  • significant new business wins

BBA Group also announces

  • Acquisition of Priester FBO (Chicago, Illinois), 25th busiest general aviation airport in the USA, for $16m
  • Acquisition of Barrett, leading supplier of serviceable aviation parts, for $28m
  • Exclusive agreement signed with NetJets (world's leading fractional operator)

Commenting on the results, Roy McGlone, BBA Group Chief Executive, said:

"These are robust results achieved against a backdrop of challenging economic conditions and we have clearly outperformed our competitors. BBA has taken the initiative, implementing a major productivity drive in Materials Technology, making several important strategic acquisitions in Aviation Services, and we have continued to win significant new business in both divisions.

We will continue to look for further acquisitions and alliances where we feel they can enhance our market positions. We have two strong and attractive businesses which are leaders in their markets. This strength, together with the actions initiated early in 2001 and with the long-term growth potential of these businesses, gives us confidence that BBA is well placed to weather the current difficult economic climate and to benefit rapidly when a more general recovery occurs."

ENQUIRIES:

Roy McGlone, Chief Executive, BBA Group PLC, 020 7842 4900
Andrew Wood, Finance Director

Mike Smith/Nigel Prideaux, Brunswick, 020 7404 5959