Air Charter Service (ACS), a global aircraft charter broker, reported strong performance for the first fiscal quarter of 2024, with overall group revenue rising 8% year-over-year to $280 million. The company noted significant growth in its private jet division, where revenue increased by 19.2% compared to the same period last year.
“We are delighted with performance across the board at this stage of the year,” said ACS founder and chairman Chris Leach. “We’ve been fortunate enough to acquire a number of low-value, high-volume contracts, with multiple daily flights on different continents. These have massively inflated our total private jet charter numbers. However, even excluding those, our underlying flight numbers are up by 13.3%. With our global footprint, diverse businesses, and portfolio of clients, we are as well-placed as any company to deal with any fallout” from geopolitical uncertainties.
ACS says its first fiscal quarter—February to April—also saw growth in its cargo and group charter divisions.
While the private jet segment led performance, ACS emphasizes that all divisions contributed to its year-over-year revenue increase. The company remains cautious but confident amid what it describes as the most uncertain operating environment since the Covid-19 pandemic.