Bournemouth: Airport operator posts record set of results
Rigby Group plc, the parent company for a portfolio of family-owned and successful businesses operating across Europe, the Middle East and Asia, has achieved another record set of results for the financial year ending March 31, 2019.
The Group comprises six core divisions: technology, airports, hotels, aviation, real estate and finance, and has made further strategic acquisitions and divestments in the past 12 months.
Regional & City Airports, which owns and operates Bournemouth Airport, is part of the multinational Rigby Group.
Technology is the largest part of the Group and its continued growth is driven by demand from businesses seeking outsourced and cost-effective solutions for cloud and digital services. Elsewhere, the airports division continues to be a significant contributor of profitability for the Group and further double-digit growth is expected in the current financial year.
Group Highlights
- Consolidated revenues from continuing operations, £2,771.7m (increase of £398.3m)
- EBITDA (before exceptional items) for the continuing operations, £65.4m (increase of £6.7m / 11.4%)
- Consolidated net assets of £311.2m (increase of £17.9m / 6%
- Pre-tax return of assets delivered 12.3%
- Gross cash at year end was £380.4m
- The group continues to be active in the M&A markets across its portfolio interests.
Airports
Regional & City Airports (RCA) is the UK’s leading regional airport operator, led by a team with proven commercial and operational expertise in both the airport and airline sectors. RCA owns Bournemouth Airport, Coventry Airport, Exeter Airport and Norwich Airport, and operates Blackpool Airport, City of Derry Airport and Solent Airport Daedalus on behalf of their owners. The Airports division delivered solid growth in both passengers and profitability. Revenues reached £58.1m, an increase of £12.9m / 28.5% with EBITDAE growth of £9.8m to £17.3m. More than 200,000 sq. ft of new hangarage was acquired for clients in Exeter and Bournemouth as well as delivery of a new terminal expansion at Exeter. A major new hangarage development in Norwich was also secured. New carriers were secured for all airports.
- Consolidated revenues from continuing operations, £58.1m
- EBITDA (before exceptional items) for the continuing operations, £17.3m.
Aviation
The Aviation division provides a diverse range of services to the aviation sector through the operation of a fleet of fixed wing aircraft and helicopters underpinned by a safety culture which flows through every aspect of the business. The aviation business continued to operate its MOD missions in the UK and the Falklands, as well as undertaking hundreds of patient repatriation flights and maintained aircraft through its MRO operations.
- Consolidated revenues from continuing operations, £20.5m.
- EBITDA (before exceptional items) for the continuing operations, (£0.8m) loss
Real Estate
Rigby Real Estate owns a diverse real estate portfolio with freehold properties, large scale commercial projects and bespoke residential developments. The Group has an active acquisition programme in place to continue the growth of the division across commercial land and residential property.
Highlights from the past year include securing outline consent for a 3.7m sq. ft. scheme in Coventry. The estate was 98% let in Bournemouth, where consent was also submitted for over 1m sq. ft. of new facilities. In Norwich, planning was submitted for 1m sq. ft. of development. The residential & yacht interior design part of the business was consolidated into Allect, with a healthy order book of over £50m across 50 worldwide projects.
- Consolidated revenues from continuing operations, £18.1m.
- EBITDA (before exceptional items) for the continuing operations, £0.4m.
Sir Peter Rigby, chairman and chief executive, commented: “This is another strong set of financial results for the Group, which underlines our growth strategy. Increases in revenue and profitability have been achieved at a time when we have also continued to invest in our services, infrastructure, and most crucial of all, our people ensuring we are in a position to meet our future group objectives.”
