LONDON (ShareCast) - The improving global economy has lifted demand for private jet travel, boosting annual profits at aircraft operator Hangar 8 and enabling it to announce its first dividend.

Hangar 8 said pre-tax earnings before interest, depreciation and amortisation in the year to June 30th had increased strongly ahead of management expectations after an "excellent" 2013/14.

The group continued to develop its fleet of private jets under management and had also worked up new services such as in-house engineering, enabling it to do most of its fleet maintenance itself.

It said its balance sheet was strong and it intended to propose a maiden full year dividend of 2.3p a share.

Chief Executive Dustin Dryden said: "As we now move into a new financial year, the improving economy is already feeding through into our market with higher activity. The outlook for our business is strong and we enter the year with confidence."

PW

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