Can after-market service provider AerFin maintain its stratospheric growth?
In 2017, AerFin was named as the fastest growing company in the UK by the Sunday Times Virgin Fast Track 100. In January this year, the firm was ranked eighth on the list – the third consecutive year that it has been in the top 10.
The company reports that sales over the past three years have grown by an average of 141% pa.
AerFin specialises in mid- to end-of-life aircraft engine solutions. Its BeyondPool programme, launched in 2018, offers a fixed-cost solution to cover all component requirements of Embraer E-Jets and has been selected by numerous airlines, most notably BA CityFlyer. Elsewhere in the business, AerFin signed additional service agreements with GE Aviation and NORDAM Europe, amongst others.
James Bennett, AerFin, told FINN: “We moved from being a business that started in 2010 with four to six people into a 100-strong team now. We’re looking to build on long-term contractual support with key end users and strategic partners, such as MROs and airlines. And that’s really the direction the company’s now headed.”
He added: “It’s going to be difficult to keep up the type of growth that we’re seeing because it’s been astronomical, but there’s definitely going to be sustained growth.
“You’ve only got to look at where we’re positioned on the back of winning the recent BA CityFlyer agreement, which [includes] supporting their entire fleet of E-Jets from a component support standpoint. That’s a real indication of the direction that we’re heading.”
“The revenue mix will change,” he added. “We’re going to move from being what’s been traditionally a bit more ad hoc and transactional into longer-term contractual support.”