AIR.L Regulatory News (AIR)

28 Nov 2007 11:00

Air Partner PLC28 November 2007 Air Partner PLC ("Air Partner" or "the Group") AGM and Interim Management Statement Tony Mack, Group Chairman of Air Partner, the provider of private aviationservices to industry, commerce, governments and private individuals worldwide,will today make the following comments regarding board changes and the Group'sfinancial position, performance and prospects: "Today, as planned, Sri Srikanthan will retire as a non-executive director ofAir Partner. Sri has been an extremely valuable member of the team and theboard is grateful to him for providing steadfast and excellent advice over thelast seven years. Additionally, after 18 happy and successful years as Group Chairman and almost40 years with the Group I am looking to retire from my role as ExecutiveChairman. Consequently, I will step down once we have found a suitablereplacement. However, as a significant and long term shareholder this will onlybe a change of roles, as I will remain on the Group's board as a non-executivedirector. I first joined Air Partner in the 1970's and have seen the Group grow from oneoffice, with six employees and a turnover of less than £1 million, to a leadingbusiness in a burgeoning industry. We strive to make Air Partner a company thatpeople are really proud to work for, and today the Group has some 250 aviationprofessionals, across 23 offices, generating turnover in excess of £185 millionper annum. I know that my father, who started Air Partner's predecessor in1961, would be extremely proud of the success, hard work and camaraderie thatare the hallmarks of the Group today. Air Partner has well developed succession plans, which arguably were first setin place some 25 years ago when David Savile, Chief Executive, and StephanieWhite, Finance Director, joined me at Air Partner. However, above and beyondthis, I am pleased to say that the board is well advanced in its search for anew Chairman and I am confident that the successful candidate will be wellqualified to take Air Partner into a new phase of growth and significantachievement as a PLC. We expect to make an announcement on this process beforethe half year results, and in the interim I remain Executive Chairman, ablysupported by the board of directors and their significant industry experience. Six weeks ago the Group published its 2007 year end results. These results alsoreported on any material events or transactions which had affected the Group'sfinancial position, performance and prospects between 31st July 2007 and 11thOctober 2007. The board of directors is today reporting that there have been nomaterial events or transactions affecting the financial position, performance orprospects in the six week period since the publication of the year end results.Consequently, current trading is still strong, forward orders are ahead of theprior year and the board of directors remains confident in Air Partner'sprospects for the current financial year. However, the board of directors isalso keen to remind investors that forward visibility in this industry remainsas uncertain as ever and investors are reminded to view the business over 12month periods and not quarterly." 28th November 2007 ENQUIRIES: Temple Bar Advisory Tel: 0207 002 1080Tom Allison Tel: 0778 999 8020 Notes to editors: please ensure "Air Partner" is written in its correct singularform, not in the plural. This information is provided by RNS The company news service from the London Stock Exchange