timing wrong9 Jun 2014 14:16
"The Group remains debt free with a strong net cash position of £18m. Trading in the financial year to date has been reflective of the Group's traditionally slower winter months, with a gradual improvement in forward orders as we enter the busier summer period. The Commercial Jet division has continued its transition away from military work, with new flying programmes started for both tour operators and energy resources clients. However, the division has seen fewer one off contracts for tender in recent months. Trading in the Private Jet division remains strong, with both the US and UK performing particularly well. The Freight division continues to show improvements in trading, albeit off a low base.
The Group continues to actively manage its cost base, while investing in selected areas for future growth. Project Connect, our multi-year global technology project is now underway; the Microsoft Dynamics CRM will be implemented across the business during the summer months, with roll out commencing in the US offices in June.
Further to the announcement on 17 March 2014, I am pleased to report that Neil Morris has been appointed Chief Financial Officer with immediate effect. Neil's appointment follows a thorough search led by Odgers Berndtson and we are very pleased he will now become a permanent member of the Board.
As previously announced, Tony Mack will retire from the Group's Board today after 40 years of service with Air Partner. Although retiring as Non-Executive Director, Tony has accepted the honorary position of Life President, reflecting his commitment and support to Air Partner. We all wish Tony a very happy retirement.
While the global macro environment continues slowly to improve, we continue to balance optimism with a healthy degree of conservatism in our outlook, reflecting the limited visibility inherent in our sector.
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