Bermuda Aviation Services has transformed itself into a dynamic company offering a diverse number of services, according to BAS Group of Companies president Eugene Bean.

?I was given the opportunity to take over the management of the company in 1993 and one of my goals was to find full employment because the road to a great company is through happy employees,? he said.

?Around 1991 we had been affected by the oil crisis and our fortunes declined, so the only way we could make staff happy and transform the fortunes of the company was to diversify.?

BAS has been able to thrive by undergoing a series of transformations and adjusting its business strategy to respond to a rapidly changing market place.

BAS was established in 1947 to supply aviation services but over the years has provided catering, ground transportation, support services and food services at the Bermuda International Airport. Some of these services were tied to the waning fortunes of the tourism and the airline industry and when these sectors experienced financial challenges BAS was adversely affected.

Over the past eight years BAS has revamped the company in order to manage a portfolio of companies that bring value to shareholders and its clients.

The most recent reorganisation took place in January this year when the company gave up the concession to operate bar services in the Airport terminal, having already exited the aircraft catering business in 2004.

BAS has disposed of unprofitable operations and acquired strong businesses generating good revenues.

These acquisitions have enabled the company to increase profit potential and position the company to make further acquisitions.

BAS is a more diversified company having formed a joint venture offering outsourcing services in 1997 (BAS-Search Limited), acquired Crow Lane Bakery (1999) and acquired a car parts distributor in 2002 (Weir Enterprises Limited).

Also in November 2004 courier and freight delivery company International Boned Couriers (IBC) was integrated in the BAS group of companies. ?We are always looking for new opportunities and our growth is not over. We may even acquire a business that does not necessarily present synergies such as IBC.?

?There are a lot of opportunities in facilities management and BAS-Serco provides facilities maintenance services to Butterfield Bank and Argus Insurance Company.?

Mr. Bean said each company within the BAS group has its own chief executive to run the company as they see best.

?There is a lot of consultation with myself. Communication is key as we want to make sure the decisions made are decisions that are made throughout the company rather than just by one person.?

?I feel very fortunate because we have a very good relationship with our staff who feel like family.?

He said as a consequence of continuing challenges faced by the airline industry, it has been difficult to obtain additional revenue to cover overheads, always on the rise.

BAS has negotiated loan facilities totalling $8,996,000 to finance further acquisitions.

?We are very focused on containing costs and finding more efficient and innovative ways to do things. We believe our debt burden is reasonable and we have a definite timetable to pay it down and its through the debt we have been able to grow the company.?

?Rising oil prices are on my radar, so the challenges in gaining revenue from the airlines will continue to be difficult and we feel this could have an effect on private jet traffic.?

?As companies look to rationalise their expenses they may cut back on this form of transportation.

?I don?t think there will be a marked decline but we may not get the growth we are looking for.

?But aviation is only one component of our business so I am not too concerned.?

BAS plans to increase the authorised capital of the company from $3,000,000 to $9,999,996 by the creation of an additional 2,196,665 shares.

?Part of what we doing by increasing our share capital is to be able use our reputation and strong balance sheet to negotiate with people wanting to have some of our shares.?

?Right now we don?t have enough shares to do this but are moving in the direction of offering shares to the public because they present good value.?