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Airwork lifts earnings guidance

NZN 12/06/2016 Paul McBeth

Aviation service provider Airwork Holdings has raised its annual earnings guidance after signing new customers from its expanded fleet.

Net profit is expected to exceed $22 million in the year ending June 30, up from previous guidance to exceed $21m, and up from $15.5m in the 2015 year, it said.

Airwork has expanded its Boeing 737 fleet, which it says will number 19 in the first half of the 2017 financial year, more than twice the nine planes it operated in 2014.

Two of its older planes have been replaced and redeployed on contracts with new customers, and two more scheduled for delivery will start operations in the September quarter of this calendar year.

The update doesn't include the $2m Airwork won in its High Court claim against former customer The Helicopter Line, which it said is still under consideration.

Airwork shares fell 0.2 per cent to $4.69 and have gained 21 per cent so far this year.

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