Highlights
Continuing underlying operating profit up 29% to $174.9 million; enlarged Signature network performing well
Divisional summary:
o Flight Support (86% of continuing Group underlying OP)
Organic revenue up 3.2% and operating profit up 13.6%, with strong drop through
US B&GA market up 3% in H1
Network contract negotiations with Signature's largest customers successfully concluded
Short-term negative impact on fuel volumes relative to market
o Aftermarket Services (14% of continuing Group underlying OP)
Operating profit growth of 134% to $26.0m, driven by Ontic
Ontic - GE avionics delivering as expected, good contribution from 2016 licence acquisitions
ERO - improved operating performance H1 2017 vs H1 2016, stable vs H2 2016
Sale of ASIG for $202m completed 31 January 2017
Statutory continuing operating profit increased by 97.9% in H1 2017 compared to H1 2016
Free cash flow of $56.6 million, de-levered to 2.9x net debt/EBITDA as anticipated (FY 2016: 3.1x on covenant basis)
Group ROIC increased by 0.6% points to 10.7%
Basic adjusted EPS increased by 32.6% to 11.4¢
Interim dividend increased by 5% to 3.81¢ cents reflecting continued confidence in the Group's future growth prospects
