Avincis sees Q1 revenues drop but grows backlog with new helicopter contracts

Avincis Group generated revenue of €120.1 million during the first quarter of 2013, which represented an 11.2% drop from the €135.2 million made in the same period from last year.
 
The Group cited a suspended flying operation in May 2012 with EC225 helicopters, along with the subsequent prohibition of the EC225 to fly over sea and mountain in October 2012, as a the main cause for the decrease in revenue.
 
Despite the revenue drop, the company which also owns Bond Aviation Group and INAER, saw signs of encouragement, after it was awarded three new long-term contracts, commencing in the second half of the year, with expected combined annual revenues of around €33 million.
 
The new contracts also helped to boost the company’s backlog to €1,737.8 million, reflecting a 10.9% year-on-year increase.
 
In the same period, Avincis generated EBITDA of €26.4 million, representing a 13.2% decrease due to start-up costs of new operation in Norway, and capital expenditures decreased. Capital expenditures also decreased by €47.1 million to €9.2 million.