Signature Aviation reports that business and general aviation flying activity has been relatively stable since its last market update in early September. In October, US flight activity across its network was at 80 per cent of prior year levels. Signature says it continues to lead the industry in working towards its sustainable future through its Signature Renew programme. In October, it launched the Signature Flight Support facility in San Francisco as the first FBO in the world with a permanent sustainable aviation fuel (SAF) supply. It maintains a continued tight focus on costs at both corporate and at individual FBOs to best align with flight activity, and liquidity continues to be strong – at the end of October, the group had total facility headroom and cash of $462 million.
CEO Mark Johnstone comments: “Despite the continued challenges presented by the pandemic, I am encouraged that the recovery in flight activity across our network has stabilised at around 80 per cent of prior year levels, which we currently assume to continue for the balance of the year. As previously stated, our effective cost management and the support secured through the CARES Act in the US underpin an expected improved financial performance in the second half compared to the first half.
“We continue to invest in our future, and I am delighted that we have recently launched Signature Renew, our global sustainability initiative to innovate and invigorate both our own and our customers' journeys to net-zero carbon emissions. Under the Signature Renew initiative we have made great progress in the period with the launch of permanent SAF supplies at two key locations, enabling our customers to fly more responsibly.
“I continue to be impressed by the resilience of our Signature teams in adapting to the pandemic and the necessary changes in working practices and hours to align with the short-term business mix changes we have experienced. The dedication of our employees and our Signature Assure programme have enabled us to continue to operate safely at all locations throughout the pandemic. Our market-leading FBO business model, the quality of our network and the strength of our liquidity underpins our ability to continue to invest in and grow our business as we navigate the pandemic, allowing us to emerge in a position of strength.”