4 Jun 2013 07:00
4 June 2013
Air Partner plc
INTERIM MANAGEMENT STATEMENT
GROUP EXPECTS TO MEET FULLYEAR EXPECTATIONS
Air Partner plc, a leading provider of private aviation services to industry, commerce, governments and private individuals worldwide is pleased to issue its second interim management statement for the financial year to 31 July 2013.
Group trading patterns are in line with those reported at the half year results in March. Despite the continuing challenges facing the aviation sector and the global economy, the Group continues to trade profitably and remains debt free with a strong net cash position.
The Board expects full year results to be in line with its expectations.
Our strategy is delivering improvements across the business. We are positioning the Group to take advantage of future opportunities from a position of improved management and operational strength. Combined with tight control of overheads, we will continue to make prudent investments across the business in people, training, services and products enabling us to continue to improve our client offering and to enter new growth markets and sectors.
The Commercial Jet division is trading significantly ahead of the prior year as we have mitigated the impact of reduced Government and Conference & Incentive revenues with new business from the Tour Operator and Oil & Gas sectors.
The Private Jet division is trading ahead of the prior year as our strategic focus in the US and Europe is generating new opportunities for revenue growth. We are experiencing a wider pipeline of opportunities as private aviation users increasingly seek more flexible solutions.
As previously reported, Freight revenues remain at a significantly lower level than the prior year and the outlook for the global freight market remains challenging. We have realigned the cost base of this division and positioned it appropriately to enable us to take advantage of future opportunities as and when they arise.
A further update will be provided before the Group enters a close period in August.
Enquiries:
Air Partner 01293 844788
Mark Briffa, CEO
Gavin Charles, CFO
Temple Bar Advisory (Financial PR advisor) 020 7002 1080
Tom Allison (07789 998020)
Joanna Crawford
About Air Partner:
Air Partner 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