ACS Leasing, the aircraft leasing specialist arm of Air Charter Service, has had a remarkable first quarter to its financial year [ending April 30th], with turnover already eclipsing last year’s total, and arranging leases for airlines around the world, with a total value of around $70 million booked so far.
Scott Collier, CEO of ACS Leasing, commented: “We have had an unbelievable first three months to the financial year, despite the ongoing geopolitical instability, which is reshaping ACMI markets. Our revenue so far this year has already almost doubled last year’s figures, with future contracts into the rest of the year multiplying that figure even more. We have also seen block hours increase by 480% in this first quarter of the year alone.
“These results are in troubled market however, with a lack of consumer confidence in typical IATA summer destinations, meaning that there is a large amount of excess capacity in Europe. This has affected ACMI rates and we have already seen operator insolvencies in recent weeks.
“To combat the shifting market, we are really investing in our global network, which is one of our biggest USPs, it enables us to put together complex cross regional and counter seasonal contracts, that others are not able to. We have also recently brought in the highly experienced Andre Cachia, whose expertise has benefitted the whole team, and we are bringing in another senior hire in the coming weeks.
“We are on track for a strong year ahead, with what we have already contracted, but it remains to be seen to what extent the market will recover, going forward.”
