In 1983 the current Chairman and Chief Executive took control of a company flying fresh flowers across the channel. This has been developed into a business with a fleet of UK based passenger aircraft specialising in package holidays and charter flights. The leisure travel division is complemented by a logistics division distributing temperature controlled products for the food industry. Revenues have grown at 20% pa over the last 5 years to reach £1.4bn. The company appears to be performing well but is there a risk that it will over-reaching itself? Shareholders’ equity is £319m and orders have recently been placed for c. £2bn of new aircraft. How robust is the strategy that underpins this investment?
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