Bristow Group's latest numbers were released about 3 weeks ago and make interesting reading. These guys have seen big changes in the last 2 years and taken some big hits but they are not going broke. Several things are on a gentle slide that could have been a major avalanche if not controlled. There has clearly been careful attention to management of the leased fleet and the pressures caused by the 225 situation. The people at the sharp end will know that there has been some sharpening of pencils at both ends and writing on both sides of the paper.
Six months ago they were telling of UK SAR being 11% of revenue in fin year 2016. That seems to be happening. The numbers are expected to rise about 12% in fin year 2017 though I don't see it presented as a percentage revenue figure this time. Though they are still very heavily reliant on oil and gas, UK SAR will be a big slice and not something they can be complacent about.
If I were Bristow, I'd be all over the DfT and Leonardo like an itchy rash, squeezing out every last available penny. Oh heavens, I can hear the scratching from here.
I think I mentioned Westland Affair Mk XIII previously.
One thing that changes in the latest Bristow numbers is the schedule of money for buying 189s. One aircraft is shifted out to the end (3 a/c in March 2018). This makes perfect sense since that will be the 11th, training, aircraft for Inverness. September's money for 2 a/c now delays until December 2016. This too makes some sense since they were going to end up having paid for a lot of aircraft that would not be deployed for a long time. They will end up with 6 a/c shortly as they start the programme, whittled down to 4 then 2 then zero by the time they have done St Athans (?). They then pay for the last 3 aircraft as they get ready to roll out 189 at Inverness. But by that time they know how to do it.
