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Good to see the divi now back to being well covered, debt to be wiped out, a fantastic increase in the USA market, and the new bolt on to be immediately earnings enhancing! -- Gross profit of £18.1m, a year-on-year increase of 12.2%, reflecting strong trading performance in the Broking division -- Underlying profit before tax of £4.1m, a year-on-year increase of 34.4% o Commercial Jets delivered underlying operating profit growth of 44.3% to £2.7m o Freight underlying operating profit up 88.6% to GBP0.6m -- Underlying EPS of 5.6p, a year-on-year increase of 24.4% -- Net cash (non-JetCard cash less debt), of £10.6m, an increase of 103.7% -- Interim dividend increased by 6.2% to 1.7p per share, payable on 27 October 2017 Operating Highlights: Broking -- Commercial Jets: o Significant contracts won for elite sports teams o Strong growth from European tour operations o German automotive contract renewed for a further three years o Air Partner Remarketing completed work for Kenya Airways, China Airlines and awarded exclusive contract to market 15 Boeing 777-200ER aircraft for Saudia -- Private Jets: o JetCard renewals up 24% o Number of Private Jet clients in the US up 70% o Continuing alignment of our JetCard product with the lifestyle needs of our customers with exciting partnerships and alliances Consulting & Training: -- Baines Simmons: new safety and training contracts won with tier 1 national carriers and the Royal Air Force of Oman -- Clockwork Research has good forward pipeline of projects -- Cross selling success across the group -- Acquisition of SafeSkys Limited enhances capabilities in aviation safety Strategic Highlights & Outlook -- Customer First fully embedded across the group, with the positive results seen in increased customer loyalty and improved retention across both divisions -- Good headway made against our strategic objective to create a balanced business, with two market leading divisions of Broking and Consulting & Training -- Current trading is in line with expectations -- Second half entered with confidence that expectations for rest of year will be met.

Air Partner PLC 01 September 2017 Baines Simmons Wins European Defence Agency (EDA) Consultancy Contract Air Partner's aviation safety consultancy company Baines Simmons has been awarded a four-year contract to provide consultancy and training services to the EDA, supporting continued development and deployment of the full suite of European Military Airworthiness Requirements (EMARs). Baines Simmons will provide EMAR development and implementation advice, guidance and training to the EDA and its 27 participating Member States. The programme will cover: -- Continued evolution of the European Aviation Safety Agency (EASA) baseline requirements -- Safety Management System (SMS) implementation -- Remotely Piloted Aircraft Systems (RPAS). Baines Simmons has supported the development and implementation of Defence Airworthiness Requirements since 2002, working with MAAs, Defence Forces and Partner organisations in the UK, Europe and Australia. Baines Simmons' partnership with the EDA and involvement with the European Military Airworthiness Authorities Forum (MAWA) has enabled it to strongly influence the development of the EMARs. It is expected this will positively affect the airworthiness of military aircraft operated across the EDA's participating Member States for decades to come. To date, Baines Simmons has already supported countries including The Netherlands, Sweden and Australia on their EMAR competence development. This year it has also been awarded a contract to provide aviation safety consultancy services to the Royal Air Force of Oman (RAFO) to help improve and safeguard the airworthiness of all RAFO aircraft. Mark Briffa, Group CEO of Air Partner plc, commented: "Over the last 15 years, Baines Simmons has built a first-class reputation for safety performance, having helped develop the skills and expertise of over 120,000 aviation professionals at all levels. Having served as a trusted advisor to more than 450 of the world's leading aviation organisations and some 45 national aviation regulatory authorities, we are extremely well placed to support the EDA as it further develops the EMARs." Set up in 2004 as an agency of the Council of the European Union, the European Defence Agency (EDA) supports its 27 Member States - all EU countries except Denmark - in improving their defence capabilities through European cooperation. Acting as an enabler and facilitator for Ministries of Defence willing to engage in collaborative capability projects, the Agency has become the 'hub' for European defence cooperation with expertise and networks allowing it to cover the whole spectrum: from harmonizing requirements to delivering operational capabilities; from research and innovation to developing technology demonstrators; from training and exercises to maintenance and support to CSDP operations. The EDA also works towards strengthening the European defence industry and acts as a facilitator and interface between Member States

Air Partner plc ('Air Partner' or 'Group'), the global aviation services group, is today releasing a trading statement for the six months ended 31 July 2017, ahead of entering its close period on 29 August 2017. A detailed update on business performance will be provided with the interim results, which are expected to be released on 28 September 2017. Air Partner has made a strong start to the year with underlying pre-tax profit for the first half of the financial year expected to be not less than £4.0m, which compares to £3.0m reported in the same period last year. The Group retains a strong net cash position. Our Broking division, comprising Aircraft Charter and Remarketing, has performed well across all product lines during the first half, while the Consulting & Training division is delivering solid results with an encouraging pipeline of opportunities to be secured in the second half of the financial year. In line with our growth strategy, the Board continues to assess investment opportunities, both organic and acquisition, to enhance or extend the services and capabilities we offer our customers around the world, and to strengthen and advance our market position. We are on a journey of transformation, with the clear objective to become a more balanced business, with two market leading divisions - Broking and Consulting & Training - providing exceptional service and value to our customers globally and delivering high quality and increasingly visible earnings to our shareholders. Outlook The Board is pleased with the strong start to the year and remains comfortable with its expectations for the full year. As we always state, in the world of aviation, and most especially in the global charter industry, it is prudent to be ever cautious and vigilant. The global charter business has always been, and will continue to be, a volatile industry, and against this backdrop we will manage the business for the long term, with a very clear strategy of alignment to the needs of our global customer base.

http://www.telegraph.co.uk/business/2017/08/17/private-jets-next-big-thing-poorer-millionaires/ CURRENT GLOBAL PRIVATE AVIATION MARKET The population of Ultra-High Net Worth Individuals (UHNWIs) continues to grow globally, which is good news for private jet manufacturers. The impact this will have on the jet charter market, however, is less clear. Despite what you might think, the fortunes of the UHNWI in general have rarely proven to foretell the ebb and flow of the jet charter market. As always, it is not the money that drives the private jet market, it's the mood. Whilst blue chip companies remain important consumers, it's not where the growth will come from in 2017-2018, and there continues to be relatively weak demand for corporate roadshow missions. Instead, we have experienced increased interest from people some way below the traditional UHNWI threshold of $30m net wealth, and we anticipate growth to come from this new generation of private yet customers.” A private jet experience is more accessible now than ever. Financially, it is well within the reach of those who regularly fly first or business class. We are seeing a change in buying habits, with tangible goods like flash watches and fast cars proving less important: Instead, ‘experiential luxury’ and ‘transformative travel’ are in high demand, and people are willing to pay for a superior experience. Indeed, both airline and hotel pricing are expected to rise globally in 2018 across the board. The expectation for growth now amongst some in the industry is such that they estimate 50% of their future customers will not have been active charterers before. Companies will look to win business and first-class customers from scheduled carriers, along with those currently tied into time share ownership schemes.” According to WealthX, the average jet owner is around 60 years old and male. In Air Partner’s experience, the new breed of charter customers is far younger than the typical jet owner, just as likely to be male or female, and is after a personalised service, something exclusive and unique in an increasing vanilla and commoditised world. The charter brokers who can really deliver on the service expectations of this new key demographic are best placed to benefit for these changing attitudes in 2017/18 With regards to technological developments in the sector, there are unique challenges in the private jet world that may ultimately restrict the dominance of the online trading platform so common elsewhere – the primary one being the enormously fractured nature of the market. In time, we expect to see an increase in the failure rate of some of the first movers into online broking, although it is likely that some will be brought into other existing broking businesses. Time-poor private jet clients are continuing to seek out travel solutions that go above and beyond. Air Partner has a number of partnerships with high-profile luxury br

Equity markets have moved sideways recently and in a narrower range than we've been used to this year. It's certainly true of the FTSE 100 (UKX) and FTSE 250 (MCX), as stocks take another pause for breath following their spectacular surge over the past 18 months. Now, some believe investors must widen the net to catch bargains. That the blue-chip index is still up 3.5% in 2017 and the mid-caps up almost 10% is impressive, given uncertainty caused by both the general election and early stage Brexit negotiations. The top 100 is still only 190 points from a new record high, and any dips have been treated as a buying opportunity. Concerns remain however. "With fears mounting that valuations now look stretched for many of the most well-known stocks, attractive opportunities may lie elsewhere," broker Cantor Fitzgerald tells us. That's why Cantor's analysts have identified their highest conviction stock ideas for investors seeking alternatives to UK-listed mid and large cap companies. Robin Byde at Cantor's transport sector team likes Air Partner (AIR), which is transforming into a diversified global aviation services provider. "All in all, Air Partner's fundamentals and market positions are strong," writes Byde. "Broking is a cyclical sector but the group's activities are broad-based, and consulting & training will form a larger component of future profits. "We believe that the group can deliver double digit earnings growth and strong free cash this year, with potentially more upside from acquisitions. Its valuation is attractive versus the FTSE Support Services sector and the FTSE All-Share (ASX)." http://www.iii.co.uk/articles/434247/eight-top-stock-picks-rest-2017

Air Partner PLC Air Partner appointed by Saudi Arabian Airlines Source: UK Regulatory (RNS & others) TIDMAIR RNS Number : 9443L Air Partner PLC 25 July 2017 25 July 2017 AIR PARTNER PLC Air Partner is appointed by Saudi Arabian Airlines as its exclusive remarketing agent Air Partner's Aircraft Remarketing division (formerly Cabot Aviation), a leading aircraft remarketing agent, is pleased to announce that it has been appointed by Saudi Arabian Airlines ("Saudia") as its exclusive remarketing agent in respect of fifteen Boeing 777-200ER aircraft. These state-of-the-art Boeing aircraft were purchased from Boeing and delivered new to Saudia from 1997 onwards. They are powered by GE90 engines and have a total of 232 seats in a tri-class configuration layout, comprised of 24 First Class seats, 38 Business Class and 170 Economy seats. Saudia is undergoing a revitalisation of its fleet, which includes phasing out these Boeing 777-200ER aircraft as it makes room for higher-density aircraft to align with its upcoming network growth plans on both regional and international routes. As part of the airline's SV2020 Transformation Plan, multiple new aircraft are joining the Saudia fleet monthly, allowing the carrier to optimise its network to offer increased capacity on existing routes, and also to introduce new destinations. The ongoing fleet investment will bring the airline's average aircraft age to 3.75 years by the end of this year, which is a key element of Saudia's targeted strategy to operate one of the youngest fleets in the skies. By 2020, the airline is set to operate 200 aircraft in its fleet. New aircraft to be delivered to Saudia include: A330-300s, B787-9s and B777-300ERs. Saudia currently operates to 86 destinations across four continents from the Kingdom of Saudi Arabia. At the 2017 Skytrax Awards held at the Paris Air Show in June, Saudia was awarded "World's Most Improved Airline" of the year. The award recognises an airline's growth and improvement across a number of categories, in a single year. Mark Briffa, Chief Executive Officer of Air Partner plc, said: "We are delighted to have secured this mandate with Saudi Arabian Airlines and look forward to using Air Partner's extensive experience and international network of contacts to sell these aircraft." Tony Whitty, divisional MD of Air Partner Remarketing, commented: "This appointment follows a successful period for our remarketing services, during which we have also completed the sale of two B737-700s and a new GE90 engine on behalf of Kenya Airways and two B747-400s for China Airlines."

There was a short term partnership which ended a couple of years ago: Following the original announcement in 2014, Nuformix is pleased to announce that it has successfully completed its Innovate UK project with Vectura. Awarded under its Formulated Products competition, IUK has supported the collaborative development of new cocrystal-based respiratory therapies. Nuformix Chief Executive Officer Dr Dan Gooding said: “The Vectura project has been a stand-out success for Nuformix. Pairing Nuformix’s expertise in cocrystal discovery and development with Vectura’s world-leading capability in inhalation formulation has generated new understanding and applications for cocrystal technology in inhaled products, not to mention the validation the project provides to the technology and our approach. Nuformix has learned a great deal from the partnership and I am certain that this will translate into both IP and value creation via future new products.”

May 10 (Reuters) - Generic drug maker Mylan NV said on Wednesday it disagrees with the U.S. Food and Drug Administration, which declined to approve Mylan's generic for GlaxoSmithKline Plc's blockbuster Advair in March. Mylan President Rajiv Malik said the FDA was asking it to comply with standards set out in draft guidance the agency issued, but that it believes it is not required to do so. An FDA spokeswoman declined to comment, saying she was prohibited by law from discussing a pending application. Mylan made the comments while reporting first-quarter earnings, in which it flagged declining sales for emergency allergy treatment EpiPen but said it will still meet previously announced earnings targets for the year. Malik said the company could not comment further on the length of the delay for approval until it meets with the FDA to discuss their disagreement, but that the FDA had designated it as requiring a "major" amendment to its application. A "major" amendment means a delay of 10-months for an FDA response, Numis analyst Stefan Hamill said in a research note earlier this month about another generic version of Advair from Hikma Pharmaceuticals. It is awaiting an FDA decision by May 10 and analysts on Wednesday said they were now expecting the FDA to also question that application.

Well my thoughts are... IF it gets FDA approval it'll probably be worth around 15p a share. If it doesn't it will probably drop that much. No reason why GSK or anyone else would want to buy VEC... with or without approval. If VEC DO ever get to the stage where they have their own stand alone wholly owned drugs on the market... then someone might be interested... but until then VEC hasn't really got anything that the big boys might be desperate to have for their own! GSK are already well ahead in the triple formulation stakes which will be the next big thing in the field! Nothing has really changed... except for the launch of a another inhaler in the USA that might grab some early market share for a couple of months... and in conjuction with the element of doubt and the realisation of possibilities of refusal being higher than they were due to recent events... RBC and +1 are just hedging their bets and taking a more prudent view. (IMO).

This has probably gained a couple of months on VEC's generic and combined with the uncertainty behind approval is almost certainly the underlying reason for the downgrade. Today Teva Pharmaceutical Industries Ltd (TEVA.TA) (TEVA.N) on Thursday launched an asthma inhaler that will be the first direct competition to GlaxoSmithKline's (GSK.L) best-selling Advair. Teva, which won U.S. approval in January to make an inhaler similar to Advair, also launched a generic version of its own inhaler, AirDuo RespiClick. AirDuo is not a true generic of Advair, but contains the same two active ingredients, fluticasone propionate and salmeterol. However, it delivers a lower dose of salmeterol and uses Teva's RespiClick inhaler rather than copying GSK's device. "We imagine that there should be sufficient time window for AirDuo to be the sole competing product to Advair," Raymond James analyst Elliot Wilbur said in a client note. Advair, which brought in 1.83 billion pounds ($2.35 billion) in 2016 sales, is also widely used to treat chronic obstructive pulmonary disease, while AirDuo is only approved for asthma and is not directly substitutable. "Neither branded AirDuo, nor its authorized generic are therapeutically equivalent or substitutable for Advair," GSK's spokeswoman Sarah Alspach told Reuters. Still, Teva's product is likely to grab some share of the asthma market. AirDuo could capture 25 percent of the market by 2018, Wilbur said. However, the bigger threat to GSK will likely come from fully substitutable generic copies of Advair that are still awaiting approval. http://uk.reuters.com/article/uk-teva-pharm-ind-asthma-idUKKBN17M31O

Vectura Group plc Launch of UtibronTM Neohaler® in the US Chippenham, UK - 3 April 2017: Vectura Group plc (LSE: VEC) ("Vectura", "the Group"), an industry-leading device and formulation business for inhaled airways products, confirms that Sunovion Pharmaceuticals Inc. ("Sunovion"), the US licensee of the Group's partner Novartis AG ("Novartis") has launched Utibron™ Neohaler® (indacaterol/glycopyrrolate) ("Utibron™") in the US. Sunovion entered into an exclusive license agreement with Novartis for the US commercialisation rights to three of Novartis' COPD treatments, including Utibron™ and Seebri™ Neohaler® ("Seebri™"), on 21 December 2016. Sunovion has confirmed that they also expect to launch Seebri™ in the US during the next twelve months. Vectura is eligible to receive royalties on net sales of the product as well as certain milestones based on global calendar year combined net sales of Utibron™ Neohaler®, Seebri™ Neohaler®, Ultibro® Breezhaler® and Seebri® Breezhaler®. The royalties earned upon net sales of Utibron™ Neohaler® are the same as those for Ultibro® Breezhaler®. James Ward-Lilley, Chief Executive Officer of Vectura: "We are pleased with the confirmation of launch of Utibron in the US market by Sunovion. Utibron is an important dual-bronchodilator handheld inhaler that is well aligned to the recently updated GOLD guidelines and it represents the latest combination therapy now available for the millions of patients living with COPD in the US. We look forward to Sunovion progressing the launch of Seebri later this year. We are confident Sunovion will be highly effective in the commercialisation of Utibron and Seebri given its strong established US respiratory commercialisation expertise and track record in COPD. "Royalties earned from sales of Utibron in the US will make a further contribution to the substantial recurring and growing royalty stream we already receive from Novartis for sales of Ultibro Breezhaler and Seebri Breezhaler in Europe and the Rest of the World." Ends -

TEMPUS march 16 2017, 12:01am, the times martin waller Share Hikma Pharmaceuticals looks increasingly like three different companies. Its roots are in Jordan, providing a range of medicines in the Middle East. In recent years the company has made three big acquisitions in the US to lessen its exposure there. Now 70 per cent of sales in generics and injectables, the two biggest components, come from the US. The generic division will generate the most significant news flow this year, as Hikma and its partner, the UK company Vectura, take on Glaxosmithkline’s Advair asthma and chronic pulmonary disease compound with their version. There is a rival coming from Mylan, the American pharmaceuticals company. Hikma is confident that both can compete in what is a large market and that it will launch in the second half, with about 15 per cent of this year’s generics revenue coming from new launches — mainly the Advair alternative.

This is the only list of major holders I've found, does anyone have anything different? Morgan Stanley Investment Management Ltd. 71,832,134 10.6% HBM Partners AG 70,274,572 10.4% Invesco Asset Management Ltd. 65,867,848 9.72% Baillie Gifford & Co. 27,479,346 4.06% Legal & General Investment Management Ltd. 26,296,618 3.88% OppenheimerFunds, Inc. 25,980,000 3.83% Aviva Investors Global Services Ltd. 24,597,102 3.63% AXA Investment Managers UK Ltd. 21,769,423 3.21% Franklin Advisers, Inc. 18,928,262 2.79% Threadneedle Asset Management Ltd. The list highlights that HBM (Healthcare Investments)have reduced from 70,274,572 to just over the 67million since last June, the reduction includes the latest sale notified, so they haven't reduced by enormous amounts. They could also have exercised a part cash split on the merger deal. Interestingly this list doesn't show BlackRock or Massachusetts Mutal as being holders so not sure if this list of majors is comprehensive.

Healthcare Investments (HBM partners Cayman Islands) now below 10%.... down to 67 1/2 million. Where and when did the other few million go?

mayfield, I'm pretty skeptical at the moment, I believe there is more chance of a profit warning in January than not. I actually want to like the business but I've become concerned that the FD was reported to have resigned from the BOD with "immediate effect" without any reason being given for it... in conjunction with the last RNS about "significant erosion of the margins" (which doesn't happen overnight!) and which apart from the loss of three contracts and the FOX deferral was also due to "difficulties with contract renewals" in the managed securities unit. My worry is that he was in fact relived of his duties... it looks all too much of a coincidence to me, it's taken too long to get another FD appointed and given the immense difficulties they may have in resolving those margin probs I just don't feel comfortable with how this is panning out.... I believe there is good possibility of more bad news to come. My view is very much in line with Canaccord: "While revenue in the trading period exceeded expectations in Assurance, Escrow was below target and excluding currency the growth was around 1%," Canaccord said. "We believe Assurance revenue was driven by lower margin product reselling. With the dollar appreciating versus sterling post Brexit, US security products are now priced higher and potentially squeezing reseller margins." Canaccord said it was "sceptical" of management's expectation that profitability will recover in the second half and that it will achieve full year profit targets. The broker said contract renewal issues for Accumuli contracts will result in a delay in revenue recognition and a higher cost of delivery. Canaccord has lowered its earnings forecast by 16% in fiscal year 2017 and 7% in 2018 and applied a reduced 18x profit multiple to the Assurance business versus 22x previously. "Besides earnings expectations, we highlight the importance of monitoring free cash flow, which has shown a declining trend in the last couple of years," the broker said. "This should improve going forward following the closure of Domain Services but should remain an area of focus for investors."

lindoser... ha ha!... well said.. no probs buddy. Methinks that we could possibly see some new lows in the interim... as any 250 index funds that have them will be getting rid... and unless there is some early indication that the margin problems are being overcome and that prior guidance is gonna hold true, or maybe something like the reassurance of the bod going on a buying spree... the risk of a profit warning accompanying the January results COULD deter any small cap funds from taking up the slack at the current time but obviously that will depend on how they will perceive the risk. All the reports of what a fantastic, growing market and the opportunities that abound for NCC are all well and good... providing they can make profits out of it. The indications at the moment is that they are struggling to do that... and that is why, IMO, the sp is staying depressed. It would also be helpful if they could announce the appointment of a new financial director!

lindoser.... "Not sure why this would trigger a drop in SP, if anything I would expect NCC to go up saying as they now own Fox-IT. Cant find any other news to warrant the drop apart from some muppet on another site saying we are going to be dropped from the 250 index. Which is very unlikely." That "muppet" on that other site was absolutely correct. NCC will be removed from the 259 effective December 13th.

No chance at all! VEC have expressed a firm interest in buying an an established company with a sales team so as not to rely on big pharma to market its wholly owned products and we will have to see if that's actually a good move... I have my doubts on that! But IF one day... VEC gets to a position whereby it has good number of those wholly owned products with potential to be blockbusters... then it could become of interest as a potential buy. Until then it has nothing to offer for the likes of huge companies like Novartis... IMO.

All good and as expected... the loss due to amortisation and exceptional charges were probably also expected, so not much of a concern, the slight uncertainty on which way their buddy will jump will continue to constrain the sp until the announcement is made... hopefully that's only a formality now on the back of the latest GOLD report... so it should be take off time soon! Interesting thoughts on the interim from the fools at Motley: http://money.aol.co.uk/2016/11/23/could-vectura-group-plc-grow-to-be-a-ftse-100-company-within-10/ Respiratory drugs and devices specialist Vectura(LSE: VEC) today released its first results since completing a merger with Skyepharma in June. The market has pushed the shares up 2.7% to 150p, valuing the FTSE 250 firm at just over £1bn. Numbers and valuation are currently a little messy, due to the merger, but I believe Vectura has the potential to follow in the footsteps of Hikma Pharmaceuticals (LSE: HIK) and grow into a FTSE 100 company within 10 years. Today's half-year results are for the six months ended 30 September. As the merger with Skyepharma was completed midway through the period, the statutory numbers don't tell us much. However, Vectura helpfully provides pro forma numbers, giving a picture of performance as if the two businesses had been combined throughout the six months and in the corresponding previous period. On a pro forma basis, revenue increased 31% to £89.5m and EBITDA climbed 63% to £30.8m. There's sustained momentum in the business and the company says it's making "excellent progress" with the merger integration process, which is on track to deliver "at least £10m annual synergy savings by 2018". The increased scale of the combined group enables it to participate across all the major respiratory classes, do more deals (such as a third collaboration with Hikma Pharmaceuticals announced yesterday) and more rapidly advance the commercialisation of its wholly-owned niche assets. Backed by cash of £92m with no debt, there is also considerable scope for growth to be further accelerated by targeted acquisitions and for the group to develop into a respiratory powerhouse. Footsie potential. Vectura is changing its financial year from a 31 March end to a 31 December end to align with its partners and peers. For calendar 2017, I think we can expect revenue of around £200m, pre-tax profit of over £40m and earnings per share of about 6.5p, giving a forward price-to-earnings (P/E) ratio of 23. I believe Vectura merits such a P/E due to the strength of its growth prospects. Indeed, I wouldn't be surprised to see the company make it into the FTSE 100 within 10 years. Is that really possible? Well, Hikma Pharmaceuticals first gained promotion to the FTSE 100 in March 2015, having grown its revenue from £152m to £957m and pre-tax profit from £37m to £249m over the previous 10 years. I see Vectura as having

It is anyway an illiquid stock... so short term rise and falls can be exaggerated on small volumes and should be ignored... but the recent sp decline has also been exaggerated due to there being more shares now in issue due to the recent money raising exercise. The short term diluting effect on the sp was almost bound to happen but hopefully the benifit of the new addition will eventually be seen. The results due out on the 15th should confirm that expansion and the substantial growth is continuing which should give a reasonable boost to the sp.