AEROSPACE GIANT POSTS SURGE IN TURNOVER

A Derby-based aerospace company, which rebranded earlier this year following its $1.9bn merger with a US counterpart, posted a surge in turnover for its latest financial period.

Newly filled accounts for Pattonair Holdings show the company’s turnover totalled £340.5m for the 12 months to 31 December 2019.

Its turnover was £244.5m in the nine months to 31 December 2018.

Its pre-tax profits totalled £11m for its latest period, compared with £45.9m in the prior nine months.

During the year the company acquired Mercurius Holdings and its subsidiary, Adams Aviation, for £17.2m.

Pattonair’s $1.9bn merger with Wesco Aircraft Holdings, which was first announced on Friday 9 August 2019, completed in January 2020.

Pattonair, which employs about 600 people in Derby and a similar number in its operations throughout the rest of the world, works with the likes of Rolls-Royce and BAE Systems.

The company rebranded to Incora in March 2020 while it was confirmed that almost 200 jobs were to be lost as a result of the merger in June.

A statement signed off by the board said: “We anticipate the Covid-19 pandemic to have a material impact on our operations, our cash flows from operations and out financial condition, in fiscal year 2020.”