Elsewhere, Thomas said the team had also been adding to its stake in jet services and refuelling supplier BBA Aviation.
“65% of the world’s business jets and turboprops are based in North America and BBA services them from 139 sites,” Thomas said.
He said the firm has a 55% market share in the US which would account for 90% of its profits in the full year of 2017.
“Although flight volumes have only been growing at 1% p.a. post the credit crunch, according to data from the Federal Aviation Administration (FAA), fuel burn has been growing 8% p.a.,” said the manager.
“Reasons for the increased fuel burn seem to be longer flights and a trend to larger aircraft. But significantly there is a clear link between business confidence and business jet activity. Small business confidence in the USA is now at its highest level since December 2004.
“If corporate taxes are lowered during the Trump administration, this can only help confidence amongst BBA’s customers, and BBA itself, with so much of its earnings from North America.”
