Annual Report 2010 in PDF - BBA Aviation

Financial Summary 2010 2009 Inc/(dec) 2009 1 Inc/(dec)
£m £m % £m %
Revenue 741.6 643.8 15 646.6 15
Organic growth/(decline) 6% (6%)
Underlying operating profit 73.4 61.8 19 61.9 19
Operating profit margin 9.9% 9.6% 9.6%
Operating cash flow 84.3 88.5 (5)
Cash conversion ratio 115% 143%
Return on invested capital 9.7% 7.9%
1 At constant exchange rates
Performance Summary Organic growth Cash conversion Return on invested capital
6% 115% 9.7%
Revenue in our Flight Support division increased by 15.2% to £741.6 million as a result of increased activity, increased
fuel prices (£43.8 million) and acquisitions, which added £10.6 million of revenue in the year. Excluding the impact of
acquisitions and fuel prices and on a constant exchange rate basis, revenue grew by 6% organically.
Underlying operating proft increased by 19% to £73.4 million (2009: £61.8 million), primarily as a result of higher
activity levels. Operating margins at constant fuel prices improved to 9.9% (2009: 9.0%).
Cash generation in the division was again strong with operating cash fow of £84.3 million (2009: £88.5 million), giving
cash conversion of 115% (2009: 143%). Return on invested capital increased by 180 basis points to 9.7% (2009: 7.9%).
Directors’ Report — 23