Hangar8's fleet of managed aircraft has now expanded to 32, and the company believes that this makes it the second largest operator of private jet aircraft in the UK and Europe and the largest charter fleet operator of Hawker aircraft in the world.

This total represents an increase of 68% compared to the 19 aircraft at the time of its IPO (stock market listing) in November 2010. Five new aircraft types have been added to the company's AOC.

New bases have been added in Europe and Africa, and Hangar8's management continues to examine and evaluate the viability of other operational bases in strategic locations.  

Turnover for the 14 months to June 30th, 2011 is expected to be approximately £18.4 million, an increase of 70% on the year to April 2010.

The company is expecting to report an operating profit for the period, before the one-off costs associated with the IPO.

"Operators that own their assets, many of which are currently in negative equity, have been forced to charge uneconomic charter rates in order to cover their costs," the company's statement claims.

"They have been unable to sustain this and have been falling by the way side, allowing Hangar8 to increase its market share with a more competitive pricing structure."