Profits have risen by threefold at Rigby Group – the parent firm of one of the region’s wealthiest families – after a series of acquisitions.
The Tyseley firm, which oversees interests including technology business SCC and Coventry Airport, made a pre-tax profit of £108.8 million in the year to March 31, up from £29.4 million the year before.
It is headed up by Sir Peter Rigby, a regular on the Birmingham Post Rich List and chairman of the Coventry and Warwickshire Local Enterprise Partnership.
The group made a series of takeovers throughout the year – including British International Helicopters and Exeter Airport – and Sir Peter said he was planning more.
He said: “Following a period of rapid growth through acquisition, we have now fully aligned the group’s aviation assets to create a balanced, full-service commercial air operation ready to meet the challenges of the sector.
"The British commercial aviation sector, which is important to both the regional and national economies, is currently dominated by overseas companies. From a strategic perspective UK PLC must address that, and it is clear to us that only a proven company of genuine scale and with real breadth of expertise can mount a credible challenge.”
Rigby Group saw sales rise from £1.5 billion to £1.6 billion, and saw its balance sheet boosted by the sale of technology distribution business SDG in November 2012.
The accounts show that SCC UK businesses revenues grew by 3.5 per cent to £665.3 million, compared to £642.5 million last year, while SCC Continental European business revenues rose 2.2 per cent to £906.7 million.