Profits are flying high at Stansted's Titan Airways
PUBLISHED: 17:56 24 September 2018 | UPDATED: 17:56 24 September 2018
Revenues have neared the £100m milestone at the company behind the Stansted-headquartered charter airline Titan Airways.
Newly filed accounts for parent company Hagondale Ltd revealed a turnover of £99.1m in the year to 31 March 2018, up from £89.5m 12 months earlier.
Pre-tax profits also rocketed to £14.4m from £6m.
Managing director Alastair Willson said: “We are very pleased with the performance for the FYE March 18 and proud that we should break the £100m milestone in what will be our 30th year of trading.”
During the financial period, the business modernised its fleet with the purchase of a new Boeing 737-400 and sold an Airbus A320, leading to a “significant” profit on disposal.
It also acquired two A321 aircraft and an all business class Airbus A318.
Looking forward to 2018/19, a statement from the company read: “The directors remain optimistic for continued profitability in the year, as the peak season stated earlier than usual and both economic conditions and demand remain very strong.”