Caerphilly, 2 July 2018 – AerFin has continued to build upon its achievements of 2017, collecting further accolades for its tremendous growth rate as well as continuing to support its expansive global customer base through the provision of its aftermarket supply-chain solutions.
Following H2 2017, which saw AerFin named the UK’s fastest growing company by the Sunday Times Virgin FastTrack 100, the Financial Times (FT1000) subsequently named AerFin in April as Europe’s fastest-growing aerospace and defence company, and 23rd fastest-growing European company overall.
The FT1000 list ranks European businesses that have achieved the highest Compound Annual Growth Rate (CAGR) over the previous three fiscal years. During this time period, AerFin achieved a CAGR of 234%, thanks to the roll-out of new services and growing rates of employment across AerFin’s regional and global offices.
Service Agreements
On the services side of the business, British Airways’ subsidiary, BA CityFlyer joined AerFin’s BeyondPool™ component program in February to support its entire fleet of Embraer E-Jets. BeyondPool™ offers a fixed-cost solution to cover all component requirements of Embraer E-Jets and operates out of AerFin’s London Gatwick facility.
This was followed up by the announcement in June that AerFin had signed a five-year contract to support IKAR Airlines’ fleet of seven Embraer E-Jets via its BeyondPool™ support programme. IKAR joins BA Cityflyer, which utilises the programme for its fleet of 20 Embraer E-Jets.
Elsewhere, AerFin signed a three-year TrueChoice™ Material Service Agreement with GE Aviation in April, further enhancing its relationship with the aircraft engine OEM. The agreement is for serviceable OEM parts and advanced repair and technology upgrades for the CFM56, CF34 and engines (widely used in commercial and some military aircraft).
Acquisitions
On the acquisitions side of the business, the firm signed agreements on a selection of assets, particularly in the narrowbody market, including six Airbus A320 family airframes and several CFM56-5B, CFM56-7B and V2500 engines.
In June, AerFin took delivery of its 10th Embraer E170 from Saudi Arabian Airlines. The delivery forms part of the fleet of 15 Embraer E170-LR aircraft acquired in 2017 Q2, which also included spare parts, engines, tooling and equipment required to support the entire fleet.
The acquisition of the 15 aircraft from Saudi Arabian Airlines was a significant moment in AerFin’s history, as it was not only the first major global fleet phase-out of the E-Jet product type, but it also pioneered an entire new aftermarket for the E-Jet, allowing AerFin to provide cost-saving solutions that were not previously available to operators.
Sales and Leasing
AerFin completed the outright sale of Airbus A340-300, MSN 208 to European Aviation Air Charter, also in June. The aircraft was part of the original fleet of 11 A340-300 aircraft that AerFin acquired from Hong Kong airline, Cathay Pacific in 2014.
In addition, AerFin leased four and sold 20 engines,including V2527-A5, CF34-8E and CFM56-5C in the first half of 2018. The engine leases and sales add to the strength and breadth of service solutions that AerFin brings to the market, not only in the sale of whole aircraft, but across other components as well.
Corporate announcements
Finally, with the summer still young, AerFin’s CEO and Founder Bob James received an OBE in the Queen’s Birthday Honours List for services to exports in the aerospace industry.
Throughout his career, Bob James has focused on delivering cost-saving solutions for businesses across the globe, including, airlines, MROs, lessors and investors. An established entrepreneur, Bob has influenced the commercial aviation market through creative and innovative thinking, creating hundreds of jobs and attracting millions of dollars of overseas investment.
Commenting on AerFin’s H1 activity, Bob James said:
“Our progress in the first half of 2018 has been really astounding and I would like to thank everyone at AerFin for their hard work and efforts. The volume of acquisitions and deals we have carried out is symptomatic of AerFin supporting a strong demand in the aerospace market for cost-saving solutions which our customers can benefit from.
“As we operate in a global market place, we focus on delivering products and services that appeal around the world. It is an honour to be acknowledged as the fastest-growing aerospace and defence company in Europe and to have our business strategy validated in such a way. I look forward to the second half of 2018 as we push ahead with further deals and continue to support our customers in their aftermarket services and components needs.”