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

Avincis missionAvincis 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.

Terry Spruce

Terry is Senior News Editor and writes for both Corporate Jet Investor and Helicopter Investor. He is also responsible for our helicopter guides. Terry has been an aviation enthusiast since the early 1970s. He is a lapsed Private Pilot and ex-Piper Cherokee owner. He has flown a number of light aircraft and is comfortable sitting in the co-pilot's seat or the back of any aircraft. Before moving to journalism he was a banker for 20 years. You can contact him at: terry@corporatejetinvestor.com or follow him on twitter @Terry_Spruce

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