In the fixed-base operator (FBO) services group noted that in August flight activity was down 19% year-on-year across its network, versus a 77% decline at its lowest point back in April.
“We will closely monitor trading in the important US business traffic season, post Labor Day,” Johnstone said.
“Building on our effective cost management and with our flexible cost base now aligned with anticipated flight activity, we expect improved performance in the second half compared to the first half.”
The company today reported a 39.7% decline in first half earnings (adjusted EBITDA) to US$143.3mln compared to US$237.7mln in the same period last year.
Amidst COVID-19’s impact upon business & general aviation (B&GA) activity the company reported a 31.3% drop in continuing group organic revenue. Nonetheless, the business marked a (continuing underlying) profit for the six month period of US$63.1mln, down fromUS$158.2mln.
Statutory profit was meanwhile reported at US$15.6mln, down from US$109.1mln.
The company noted a strong liquidity position, with US$321mln of undrawn lending facilities and US$199.9mln of cash.
Mark Johnstone added: “Our business has sound fundamentals and we continue to see attractive medium-term growth prospects.
“Therefore, we have continued to invest in growing our network despite COVID-19.
“We have recently acquired two FBOs in Switzerland, including the strategically important Geneva location. In the US, we were pleased to open our newly constructed Atlanta FBO in July.
“The board remains confident in the resilience of our market leading FBO business model, the quality of our network, the strength of our liquidity and therefore our ability to continue to invest in and grow our business.”