(MT Newswires) -- Steven Townend, CEO of BOC Aviation, reports record results for the company with 764 million, beating the previous record of 702 million in 2019. He believes these figures are sustainable, thanks to revenues and cash flow at record levels. Townend also notes a recovery in the insurance sector following settlements over stranded aircraft in Russia.

He sees record demand for aircraft in the industry and says global air traffic has exceeded 2019 levels. Key air hubs such as Changi Airport and Cathay Pacific have also reported strong performances. However, he mentions that the Chinese cross-border market remains the only sector still recovering, although the Chinese domestic market is ahead of 2019 figures.

Supply chain challenges are affecting Airbus, Boeing and the major engine manufacturers, resulting in a shortage of supply relative to demand. This situation has not been seen for almost 20 years. Townend says aircraft deliveries are behind schedule and will take several years to catch up, also affecting deliveries of the Boeing 737 MAX.

BOC Aviation has experienced 10% year-on-year growth and aims to maintain this level of growth. With an order book of 224 aircraft to the end of the decade, the company is open to adding new aircraft if the opportunity arises. 

Townend, who has been in his post for several months, recognises the challenges of growth against a backdrop of supply chain problems. With 30 years of uninterrupted profitability, BOC Aviation aims to maintain a strong return for shareholders and continue to pay dividends. It envisages fleet growth to around a thousand aircraft by the end of the decade.

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