REG-One Charter PLC: Final Results

.
31st July 2008

One Charter PLC
(PLUS: ONCO)

FINAL RESULTS
FOR THE YEAR ENDED 29TH FEBRUARY 2008

The Board of One Charter PLC ("One Charter" or "the Company"), a business that
is focused on providing aircraft chartering, aircraft brokerage and aircraft
management services, is pleased to announce its final unaudited results for the
twelve-month period to 29th February 2008.

HIGHLIGHTS

* A 144% increase in revenues from �833,045 in 2007 to �2,033,064 in 2008 in
the year to 29th February 2008.

* Cargo operation launched successfully and now starting to generate revenues

* In March 2007 the Company entered into an agreement to purchase a Cirrus
SR22 G3 aircraft for a total cost of �267,802, funded through a mixture of
existing cash resources and debt finance.

* In January 2008, the Company moved its base from Farnborough Airport to
Fairoaks Airport and has seen no reduction in requests for flights in
recent months. The move has resulted in a reduction in costs.

Commenting on the results, Mike Ryan, CEO of One Charter, said: "I am proud to
present our results for the year to February 29th 2008. We have made tremendous
progress over the period and I am pleased to say that the number of enquiries
for aircraft brokerage division has risen translating directly into increased
revenues. Since the year end, the Company's subsidiary One Air Taxi was awarded
an Air Operating Certificate and One Charter received its first management
contract for an Eclipse aircraft. We look forward to building on our position
in the current year."

--ENDS--

The Directors of the Issuer accept responsibility for this announcement

ENQUIRIES

ONE CHARTER PLC
Mike Ryan
CEO and Director
TEL: 020 8122 9300

RIVINGTON STREET CORPORATE FINANCE
Monisha Varadan
TEL: 02075623389
monisha@rs-cf.com

Leo Godsall
TEL: 02075623393
leo@rs-cf.com

CHAIRMAN'S STATEMENT

I am pleased to be able to present my first report to you as Chairman.

The results for the year are in line with expectations and show a turnover of
�2,033,064 (2007 - �833,045) and a gross profit of �109,054 (2007 - �55,852).
The increased revenue is largely down to higher number of requests for
chartered flights handled by our brokerage division. For the period, the total
number of bookings increased from 70 in 2007 to 137 in 2008. The quality of
passenger contracts has improved. Our cargo division has started generating
revenues.

The loss before tax and loss per share for the period amounted to �428,484
(2007 - �404,975) and 0.40p (2007 - 0.44p) respectively. The increased losses
are a result of costs associated with the application for the Air Operating
Certificate. (AOC)

As at 29 February 2008, cash balances were �53,815 (2007 - �422,437).

Review of Activities

Much of the year to 29th February 2008 was spent on preparing and applying for
the AOC.

In March 2007, the Company entered into an agreement to purchase a Cirrus SR22
G3 aircraft for a total cost of �267,802, funded through a mixture of existing
cash resources and debt finance. The aircraft was delivered in July 2007 as a
basis for the AOC application. Following the receipt of the AOC (see post
balance sheet events), the company has started marketing the charter service
and has booked its first few enquiries and completed revenue generating
flights. One Air Taxi Limited is the first operator of the updated version of
the Cirrus SR22 GTS in the country. In January, the Company moved its base from
Farnborough Airport to Fairoaks Airport, and has seen no reduction in requests
for flights in recent months. The move has also resulted in a reduction in
costs.

Post Balance Sheet Events

In May 2008, One Air Taxi Limited, a subsidiary of One Charter PLC was granted
the AOC by the UK Civil Aviation Authority and was also one of the first
companies to be awarded the certificate under the new European Operational
Requirements. All Airlines and Private Aircraft Operators, by 15th July 2008,
should have applied for and been awarded this new certificate in order to
continue operating commercial flights.

The Company secured its first aircraft management contract with the private
owner of an Eclipse 500. The aircraft will be operated on a private basis only
for the owner until the aircraft is certified for commercial operations,
possibly in 2009. Similar management contracts are under discussion with other
Eclipse owners, and this is in line with the Company's business plan. With the
price of oil rising, we are especially pleased to be operating the world's most
fuel efficient jet for our client. Along with the aircraft's low noise
footprint and carbon emissions, we are proud to be one of the first companies
in Europe to operate this new generation light jet aircraft.

One Track Software Limited, where the Company has a 30% equity interest, has
won its first contract. The software manages all the functions associated with
operation of a public air transport company from initial quotations, to
deployment of aircraft and crew scheduling.

In July 2008, Mike Nash resigned as a non-executive director to pursue other
business interests. I would like to thank him for his efforts on behalf of the
Company.

Outlook

The Directors are satisfied with the performance of the Company to date and
expect that the next reporting period will continue to show the potential
growth in the business.

Sonny Leong
CHAIRMAN

Consolidated Income Statement for the year to 29th February 2008

Year ended Period
2008
20.02.06 to
28/02/07

� �

Revenue 2,033,064 833,045

Cost of sales (1,924,010) (777,193)
----------- ---------

Gross Profit 109,054 55,852

Administrative expenses (573,113) (426,288)
----------- ---------
Loss from Operations (464,059) (370,436)

Finance revenue 9,425 15,461

Finance costs (9,603) -
----------- ---------

(464,237) (354,975)

Amounts written off investments - (50,000)
----------- ---------

Loss before Tax (464,237) (404,975)

Taxation - -
----------- ---------

Loss for the Period (464,237) (404.975)

Minority interest - equity (35,753) -
----------- ---------
(428,484) (404,975)
=========== =========

----------- ---------
Basic and diluted loss per share (0.003) (0.44)p
=========== =========

Consolidated Balance Sheet for the Year ended 29th February 2008

Year ended Period ended
2008 2007

� �

Assets

Non-current assets

Property, plant and equipment 251,801 3,006

Investment in associates 300 -
--------- ---------
252,101 3,006

Current assets

Trade and other receivables 178,356 277,659

Cash and cash equivalents 53,815 422,437
--------- ---------
232,171 700,096

--------- ---------
Total assets 484,272 703,102
========= =========
Equity

Issued share capital 124,250 107,500

Share premium account 956,846 799,346

Shares to be issued reserve 7,574 24,324

Retained losses (833,459) (404,975)
--------- ---------

Equity attributable to equity holders of 255,211 526,195
the parent

Minority interest (35,728) -
--------- ---------

Total Equity 219,483 526,195
--------- ---------
Non-Current liabilities

Borrowings 117,749 -
--------- ---------
117,749 -

Current liabilities

Trade and other payables 147,040 176,907
--------- ---------
147,040 176,907

--------- ---------
Total liabilities 264,789 176,907
--------- ---------
--------- ---------
Total Equity and liabilities 484,272 703,102
========= =========
NOTES:

All the activities of the Company are classed as continuing.

The Company has no recognised gains or losses other than the results for the
year as set out above. These financial results have been reviewed by the
Company's auditors Haines Watt.

The above figures are an abridged version of the Company's unaudited accounts.
The financial information included in this announcement does not comprise
statutory accounts within the meaning of Section 240 of the Companies Act 1985.

END
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