London Executive Aviation is celebrating its strongest ever financial and operational performance.

In the year to 31 March 2014, LEA increased turnover by 23 per cent to £33.2m, versus £27m in 2013, reflecting stronger charter demand and growth in the company's aircraft management revenues. In the same period, its flown hours increased by 16 per cent and its number of sectors flown grew by 18 per cent. To manage increased demand, LEA increased its headcount in the period by 13 per cent.

Chief executive Patrick Margetson-Rushmore says: “In the last financial year, we were very pleased to see the nascent recovery in the charter market gather momentum. Demand was noticeably stronger, with an 18 per cent increase in the number of quotations given and a 12 per cent rise in bookings.

“In part, these results endorse our strategy of building a strong franchise in the large-cabin market, which has continued to perform strongly. As Europe's largest operator of Legacy 600 and 650 aircraft, we have been well placed to serve niche customers, such as touring rock bands. However, we have also been pleased to see more corporate customers rediscovering the time-saving advantages of business aviation, using smaller aircraft such as the Citation Excel business jet and King Air turboprop. This resumption of corporate demand makes us optimistic about the current year's prospects.”

George Galanopoulos, md, welcomes the growth in LEA's aircraft management business: “Our managed fleet grew by 20 per cent in the year and we currently have a total fleet of 26 aircraft, providing a stable stream of revenues. We are very proud to have been chosen by several new aircraft owners last year, who were attracted to our reputation for personal service backed by the advantages of our scale.”

In the current year, LEA expects to see new cost-saving benefits from joining the Luxaviation Group in May. Galanopoulos says: “Luxaviation is now the second largest business aviation group in Europe. By collaborating with our sister companies, we are already seeing valuable bulk savings in fuel, insurance and other cost areas. With charter margins under increasing pressure through the impact of online booking technologies, such savings are strategically important to any operator.”