- Delivered Strong Topline Growth – Generated more than HK$310 million in consolidated revenue in the first full year of operations in the aviation and logistics businesses;
- Expanded Operations – Completed investment in Phoenix Aviation Limited (“PAL”) and announced acquisition of a ground transportation business in the Democratic Republic of the Congo;
- Enhanced Board of Directors – Added three highly qualified, independent non-executive members, represented by Dr. Harold O. Demuren, Admiral William J. Fallon, USN (Ret.) and Professor Lee Hau Leung;
- Augmented Executive Leadership – Added key team members, including Captain Peter Phillips, USN (Ret.) as Chief Operating Officer and Charles Thompson as Chief Financial Officer;
- Increased Employee Base – Reflecting the acceleration of our business and the expansion of our service platform to meet the growing needs of our customers, added more than 200 employees to our team during the past year;
- Developed Core Physical Infrastructure – Established a world-class operations headquarters in Nairobi, Kenya, complementing the Hong Kong administration center.
HONG KONG--(BUSINESS WIRE)--Frontier Services Group Limited (“FSG”) (SEHK: 00500), a publicly listed, complete logistics solutions provider in frontier markets with its headquarters in Nairobi, Kenya, today reported financial and operating results for its first full year of operations of the aviation and logistics businesses. The Company reported HK $310 million in revenue, and gross profit of HK $139 million.
“2014 marked the first full year of operations for Frontier Services Group, and we have made significant progress positioning the Company to deliver lasting value to our shareholders, support to our customers, and benefit to the regions we serve,” said Erik Prince, Frontier Services Group Chairman.
Highlighting Frontier Services Group’s impressive progress throughout fiscal year 2014, Prince noted, “We are especially pleased with the investment we made in Phoenix Aviation, a key element to our core growth strategy. This transaction is an example of our commitment to becoming the most capable, most well regarded specialty aviation and logistics business serving the African continent, and we will continue to evaluate strategic opportunities to increase our geographic and customer diversification throughout Africa.”
Commenting on the growth of human capital in the Company, Prince said, “Our strategy in 2014 was to invest in the very best people as well as the businesses and assets that comprise our growing platform of capabilities, and we have reached meaningful milestones as we become the ‘Complete Logistics Solutions’ provider for Africa and beyond.”
Prince added, “With the addition of Admiral Fallon, Professor Lee, and Dr. Demuren, we have brought world class leaders from business, academia and logistics from the U.S., China, Hong Kong and Africa together to guide Frontier Services Group as we build the business for all of our stakeholders."
The combination of physical assets and proven human capital position the Company to continue to expand its services across diversified customer sectors in Africa, like oil and gas, mining and humanitarian relief.
About Frontier Services Group:
Frontier Services Group Limited (“FSG”) (SEHK: 00500) is a publicly listed company on the Hong Kong Stock Exchange with its headquarters in Nairobi, Kenya. FSG provides complete logistics solutions in frontier markets with a particular focus on Africa. Serving sectors across oil and gas, mining and humanitarian relief organizations, FSG is able to support customer’s needs around moving goods, material and people in to, and out of, some of the fastest growing, but more difficult operating environments in a safe, reliable and cost-effective manner.
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For Frontier Services Group Limited
Conrad Harrington, + 44 (0) 20 3178 8914