AIR.L Regulatory News (AIR)

Air Partner plc

("Air Partner", or "the Group")

Trading Update

Air Partner is a leading provider of aviation charter services to industry, commerce, governments and private individuals worldwide.

Air Partner plc is today issuing a trading update, ahead of the start of the close period on 31 January 2012.

At the time of its Annual General Meeting in early December, Air Partner cautioned that revenues from the Group's largest division, Commercial Jet broking, were lower year on year, but in line with the Board's expectations. Since then, revenues in this division have been below management estimates, as overcapacity has led to significantly greater levels of competition within the sector.

Private Jet broking performance is on target. Despite an adverse macro-economic climate, the division has benefited from existing high net worth clients continuing to travel and new business coming in from a growing number of individuals using private aviation to meet their global travel requirements.

Trading within the Freight broking division has been satisfactory, taking into account the difficult trading conditions. Performance is significantly ahead of last year, but below initial management forecasts.

The Group's planned investment in recruiting and training sales-focused professionals, who will be important in delivering Air Partner's results in the longer term, has continued, but is being controlled and monitored carefully. Consequently, overheads are higher than last year, but below management expectations.

Lower trading revenues, principally in the Commercial Jet broking division, mean that underlying Group profit before tax for the six months ended 31 January 2012 will not meet the Board's initial expectations. Air Partner normally reports stronger trading in the second half of the financial year but, given performance so far, continuing difficult economic conditions and poor visibility, the Board anticipates that profit before tax for the full year ended 31 July 2012 will also be lower than expected. A fuller assessment and update on current trading will be provided with the half year results on Thursday 15th March 2012.

Air Partner remains profitable, cash generative and debt free. The Group's net cash position fluctuates according to the timing of flight payments received and made, but net cash is currently at the upper end of the range, at £13 million.

 30 January 2012

www.airpartner.com