HANGAR 8 PARKS SHARES ON LONDON MARKET

Shares in private jet operator Hangar 8 commenced trading last week on the London Stock Exchange's Alternative Investments Market under ticker symbol HGR8. The company raised £2 million ($3.2 million) by placing 21.05% of its enlarged share capital at £1.50 per share, for a market capitalisation of £9.5 million. Chief executive Dustin Dryden describes the business model as "simple and scalable", adding: "We are a service business with no large capital assets."

MEL GROUP OPENS US OVERHAUL SITE

Suffolk, UK-based MEL Group has opened its first US facility, Laurence Walter Aerospace Solutions, in Hampton Roads, Virginia, specialising in the repair and overhaul of aircraft components including oxygen cylinders, oxygen regulators, fire suppression systems and environmental systems. The 882.6m2 (9,500ft2) facility has an initial capital investment of $1 million and will employ 10 staff.

ALL IN A NAME

Cambridge-headquartered Marshall Aerospace's Australian operation has been reorganised as Marshall Aerospace Australia Pty. The business is co-located with Qantas Defence Services at Richmond Royal Australian Air Force base near Sydney, where the two firms support RAAF C130H and C130J aircraft. Marshall also works with Australian Aerospace to support the AP-3C Orion aircraft repair assessment programme.

ASTRONICS SOARS ON IN-FLIGHT ENERTAINMENT

Increased installations of in-flight entertainment and in-seat power systems by commercial airlines is driving dramatic sales and profit growth at New York state-headquartered Astronics, where pre-tax aerospace segment profit for the nine months to 2 October soared 87% to $22.3 million on sales up 12% to $132.8 million - including an 18% third-quarter rise to $46 million - as sales to the commercial transport market more than overcame a fall in military sales. Astronics also posted an 85% third-quarter rise to $4.76 million in its smaller airfield lighting systems segment.

UMECO SHORT ON SUPPLY SIDE

 At composite materials and supply chain services provider Umeco, aerospace and defence segment sales in the first half to end-September rose a "modest" 4% to £150 million as the dominant supply chain managment business was hit by "significantly lower performance fees earned on the Rolls-Royce contract in the UK [where] the hurdle rate is now set at the highest service level".

RECOVERY SHOWS IN FIRST-HALF SURGE FOR CAE

First half pre-tax profit jumped 19% to C$109.6 million ($109.2 million) for training services provider CAE as sales edged up 1% to C$753.3 million in the period to end-September. Chief executive Marc Parent says: "Our performance showed more evidence of the recovery under way in commercial aviation."

GAMECO SIGNS DEAL WITH A J WALTER AVIATION

Guangzhou Aircraft Maintenance and Engineering Company (GAMECO) and aircraft spares support provider A J Walter Aviation have partnered to provide loan, exchange, sale, consignment, consumable and repair management services for all in-service Airbus and Boeing aircraft across China. GAMECO has line and base maintenance service facilities in Guangzhou.

Source: Flight International