Bermuda Aviation Services posted an improved profit of $2.8 million for the year ended in March.

The figure was $2.3 million up on the $471,000 made the year before.

Ian Cook, group president and CEO of BAS, said: “These positive results are underpinned by a strong business model, including continued solid performance from our core business operations, high client retention levels despite fierce competition, efficient management of operating expenses, increased governance and oversight and sustained efforts to optimise the group’s working capital and synergies.”

Net revenues for the year totalled $39.4 million, down slightly on the $40 million recorded for the 2015 financial year.

Gross profit for the last financial year was $15.5 million, up $1 million on the same period in 2015.

Operating expenses were down by $200,000 to $14 million “as a result of tight budgetary control and increased management oversight”.

The company, originally set up to provide airport services, lost the Bermuda airport operations contract in March after 30 years and were replaced by US-based C².

But the firm said it had diversified into other areas over the years, which reduced its reliance on aviation.

The company also sold off its courier arm IBC in November last year to concentrate on building maintenance and technology to commercial and personal clients.

Mr Cook said: “After four challenging years, we are pleased to report improved earnings for the current year.

“Continued diversification, creation of synergies and restructuring has allowed BAS to focus on its core businesses.

“We continue to look at market opportunities where the group can develop acceptable returns for its shareholders.”

The company includes BAS-Serco, car parts firm Weir Enterprises, the Otis Elevator Company, green energy company Besco and tech firms Eff-Tech and Integrated Technology Solutions.

The BAS statement said the decision to wind up its defined benefits pension plan several years ago had allowed the company to “close off the uncertainty of its actuarial obligation” and that it no longer had to fund it’s pension deficit, allowing it to pay off its long-term debt faster.