5 Jun 2014 07:00
Air Partner plc
("Air Partner", the "Company", or the "Group")
AGM AND INTERIM MANAGEMENT STATEMENT
Air Partner plc, the global aviation charter specialist for corporates, organisations, individuals and governments, holds its Annual General Meeting today. At the meeting, Mark Briffa, Chief Executive Officer, will make the following statement:
"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.
Air Partner will provide a further update before the Group enters its close period on 31 July 2014."
Ends
5 June 2014
Enquiries:
Air Partner 01293 844788
Mark Briffa, Chief Executive Officer
Neil Morris, Chief Financial Officer
Temple Bar Advisory 020 7002 1080
Tom Allison (07789 998020)
Joanna Crawford
About Air Partner:
Air Partner (LSE: AIP) is an international provider of aviation services to industry, commerce, governments and individuals worldwide. The company has earned global recognition as a leading aircraft charter broker and organises ad hoc charters of aircraft of every size for any reason. Its three main divisions, supported by a host of support teams, comprise Air Partner Private Jet Broking, Air Partner Commercial Jet Broking and Air Partner Freight Broking. Private Jet Broking offers ad-hoc charter and the company's unique pre-paid JetCard scheme. The Commercial Jet Broking division charters large airliners with 20 to 500 seats for groups of every size. Air Partner Freight Broking charters aircraft of every size to fly any cargo anywhere, at any time. With its headquarters in the UK, the Group was formed in 1961 and is fully listed on the London Stock Exchange. Air Partner's expertise at providing unsurpassed private flying experiences at the best price is recognised by the honour that it is the only company in the aviation industry to hold a Royal Warrant, as Supplier of Aircraft Charter to Her Majesty Queen Elizabeth II, a globally recognised mark of excellence. www.airpartner.com
Cautionary statement regarding forward-looking statements
This document may contain forward-looking statements which are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events. You can sometimes, but not always, identify these statements by the use of a date in the future or such words as "will", "anticipate", "estimate", "expect", "project", "intend", "plan", "should", "may", "assume" and other similar words. By their nature, forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause our actual results to differ materially from those expressed or implied by these statements. The Company undertakes no obligation to update any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise.