Resource charter FIFO operator Alliance Airlines has used its annual general meeting to flag plans to continue expanding its aircraft fleet.
“Despite the current economic environment your company continues to experience growth and this will result in the need to acquire further aircraft,” chairman Steve Padgett said. “The Board are continuing to review appropriate funding mechanisms.”
Alliance’s current fleet of 26 aircraft comprises 18 Fokker 100s, two Fokker 70s and six Fokker 50s, all but one of which are operational.
CEO Scott McMillan told shareholders, “we now have all our operational fleet in service and with recent contract wins our fleet will be operating at capacity for the first time.”
Alliance publicly listed on the ASX last December – “one of the more successful floats in the last 12 months,” McMillan said. For the financial year ended June 30 2012 it posted a pro-forma net profit after tax of $19.1 million on revenues of $184.2 million. The Alliance IPO raised $74 million in new equity, allowing it to reduce debt by $28 million.
The airline has a market capitalisation of approximately $190 million.
