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15 September 2023

Hamilton, Bermuda:  15 September 2023 In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited, (the "Company"; Ticker: BAS.BH), Reports Earnings.  The full filing stated:





Hamilton, Bermuda, September 15, 2023   Bermuda Aviation Services Limited (the “Company”) and its subsidiaries (the “Group”) report a total comprehensive income of $0.6 million for the year ended March 31, 2023, compared to a comprehensive income of $1.2 million in the prior year.  An impairment charge of $0.8 million ($0.4 million in prior year) on goodwill was recognized during the year which is reflected in the total comprehensive income for the year.


Revenues from continuing operations were $13.7 million for the year, which is an increase of $1.2 million over prior year. Total cost of revenue was $6.0 million, an increase of $1.2 million; resulting in a gross margin of $7.6 million which remains consistent with the prior year.  The increase in the cost of goods and materials compared to the previous year is primarily a result of inflation and difficulties in sourcing materials.


Total operating expenses from ongoing operations saw a year-over-year increase of $0.3 million. The rise in operating expenses can be attributed to higher resource costs required to maintain our business operations and professional fees associated with our efforts to explore new business opportunities. In the face of the existing economic conditions and the growing expenditures, management reaffirms its dedication to exercising cost control whenever feasible.


Total Operating Income and Strategic Focus:


Our total operating income for the Group remains steady at $1.4 million in the current year, compared to $1.6 million in the previous year. While we have encountered increased local competition and supply chain challenges, our focus on identifying new revenue opportunities and streamlining internal processes has allowed us to maintain a resilient performance. We remain dedicated to further enhancing our operational efficiencies and margin management to adapt to the ever-changing business landscape.


Operational Excellence and Financial Analysis:


Over the past year, our management team has remained steadfast in their commitment to enhancing the overall operational efficiency of the company. A cornerstone of this effort has been our detailed financial analysis, with a sharp focus on optimizing profit margins. Through careful assessment and strategic decision-making, we have successfully identified areas for improvement that have resulted in a stronger financial performance. Our dedication to sound financial management remains unwavering, as we continue to work towards maximizing value for our shareholders.


Dividends and Shareholder Value:


For the year ended March 31, 2023, the Board of Directors has approved a total dividend of $0.10 per share, which represents a dividend of $0.03 per share and a special dividend of $0.07 per share. This reflects our strong balance sheet position and underscores our commitment to upholding the Group's financial stability while rewarding our loyal shareholders. We take this opportunity to express our gratitude for your commitment, and trust over the years.


Facilities Management Achievements:


At BAS Facilities Management Ltd. (BASFM), our commitment to excellence has driven significant accomplishments. We have successfully provided comprehensive facilities management services, addressing operational support and project management needs for our commercial clients in Bermuda. This success is a testament to our commitment to fulfilling our clients' needs while embracing sustainable practices for the benefit of both our clients and the environment.


Otis Elevators remains steadfast in its commitment to delivering exceptional maintenance solutions to our valued customers. Our proactive elevator servicing approach, coupled with thorough monitoring and informed recommendations for replacement or upgrades, ensures the safe and efficient operation of elevators. Additionally, our dedication to training initiatives ensures that our workforce remains equipped with the skills needed to maintain the highest standards of service.


Innovation in Facilities Management:


In line with our dedication to innovation, we are proud to introduce our cleaning services under the brand "Cedar Isle Cleaning" within BASFM. This exciting initiative aligns with our vision for integrated facilities management and underscores our determination to offer holistic solutions tailored to our clients. Our new cleaning services are designed to set new standards of cleanliness, hygiene, and efficiency and focus on sustainable practices.


Automotive Performance:


Despite the challenges posed by local competition and supply chain constraints, Weir Enterprises continues to demonstrate strong performance. Weir continues to prioritize exceptional customer service, high-quality standards, and competitive pricing as the cornerstones of our operations.


Note of Appreciation


The Company expresses its sincere gratitude to David W. Pugh for his dedicated service as Chairman of the BAS Board of Directors for many years. Mr. Pugh retired from his role on the BAS Board on September 14th, 2023, concluding a successful twelve-year tenure, the last seven of which he spent as Chairman. The Company, along with its shareholders, employees, and fellow Board members, deeply appreciates the invaluable guidance and exemplary leadership he provided during his tenure as Chairman and as a member of the Board.   As David embarks on his well-deserved retirement, all of us extend our heartfelt best wishes to him for the future.


We would also extend our appreciation to our shareholders, management teams, employees, clients, and partners. Your contributions and support have been vital to our achievements. We remain committed to evolving with the changing landscape, enhancing customer experiences, and increasing shareholder value.




Notes to Editors

BAS Group


BAS is a holding company with multiple subsidiaries providing a myriad of services that are distinct in nature but are also strategically complementary and synergistic. Companies in the group include BASFM,  Otis, Weir Enterprises and Eastbourne Properties Limited.


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