9 Dec 2011 07:00
Air Partner plc
("Air Partner", or "the Group")
AGM AND INTERIM MANAGEMENT STATEMENT
Air Partner, the provider of aviation solutions to industry, commerce, governments and private individuals worldwide, holds its Annual General Meeting today. At the meeting Mark Briffa, CEO, will make the following statement regarding the Group and its financial position, performance and prospects:
"When Air Partner published its annual results, in October, the Board noted that the aviation sector was likely to be affected by continuing instability in the primary world markets. This has proved to be the case, with a number of airline operators and travel companies reporting financial difficulties. Against this backdrop of a very difficult trading environment, Air Partner remains stable and continues to trade profitably.
Revenues from the largest division, Commercial Jet broking, are currently lower than last year, but in line with the Board's expectations. Sales within the Freight broking and Private Jet broking divisions have been encouraging. However, it is still too early for this to provide any reliable indication of future financial performance.
The Group is making progress in its strategic aim of increasing the contribution from operations outside the UK. Our US business continues to show early signs of improvement, as investments made over the last 12 months start to have a positive impact. New General Sales Agency arrangements and a further strengthening of the sales team have seen Air Partner's sales presence extended to cover Hungary, Poland and Slovenia, Ukraine, Greece, Cyprus and Switzerland. Discussions are also progressing on the establishment of Air Partner's services in Asia.
Full year results were announced just eight weeks ago and current trading remains satisfactory, with net cash reserves of just over £8 million (31 July 2011: £7.2 million). Looking ahead, the Board remains cautious in its assessment of prospects for the current year, given the continued economic uncertainty and the lack of visibility characterising the industry. Nevertheless, planned investment is continuing, bringing into the team experienced professionals with a strong sales focus and industry-wide connections and the Board remains confident in the long term growth prospects for Air Partner's key markets.
Air Partner intends to announce half year results for the first six months to 31 January 2012 on Thursday, 15 March 2012.
9 December 2011
Enquiries
Air Partner: Mark Briffa, CEO 01293 844800
Gavin Charles, CFO
Temple Bar Advisory: Tom Allison 07789 998020
Joanna Crawford 020 7002 1080
www.airpartner.com