AIR.L Regulatory News (AIR)

24 August 2018

LEI: 213800JLR6YIRMSCUS98

Air Partner plc

PRE CLOSE TRADING UPDATE - ENCOURAGING FIRST HALF TRADING

Air Partner plc ('Air Partner' or 'Group'), the global aviation services group, is today releasing a trading update for the six months ended 31 July 2018. A detailed update on business performance will be provided with the interim results, which will be released on 27 September 2018. The Group enters its close period on 28 August 2018.

Air Partner has traded well over the first half of the financial year with underlying pre-tax profit in line with the Board's expectations and with the same period last year. The Group retains a strong net cash position.

Charter division

Our US business had a record year last year and that strong performance continued across all business lines in the region over the first half. In June, we opened a new office in Los Angeles and expanded headcount in our New York office.

In the UK, after a flat start, Commercial Jets performed well over the second quarter with increased activity around the FIFA World Cup in Russia and a good result from Tour Operations. We continue to see the benefit of investments made in our Freight business with another strong performance throughout the period.

In the US and Europe, Private Jets has seen good growth in both JetCard numbers and bookings throughout the first six months. While the UK has been more subdued, we have seen an increase in the number of JetCards in issue.

Consulting & Training division

Our Consulting & Training division is trading in line with expectations, winning some excellent long term contracts in the first half. We have an encouraging pipeline for the remainder of the year and the division remains well placed for further growth.

Across the Group, we are actively recruiting key roles to support our exciting strategic growth plans, and investing in the business to enhance our platform and customer offering. A competitive tender process is underway to appoint new external auditors, which will be completed over the second half with an appointment expected in sufficient time for the new auditors to undertake any preparatory systems and controls assessments deemed necessary prior to commencement of the year end audit. The interim review of the half year financial results will therefore be undertaken by Deloitte.

The Board is encouraged by this good start to the year and remains confident in the Group's prospects for the full year and beyond. As we always state, the global charter business has consistently been, and will continue to be, a volatile industry. Against this backdrop we manage the business for the long term, with a very clear strategy of alignment to the needs of our global customer base. We have a strong portfolio of global aviation services, which provides us with exposure to various sectors and geographies, and our portfolio approach, without any single product or market dominance, often enables us to mitigate volatility, in either direction, in any one market or product line over the course of a year.

In line with our clear growth strategy, the Board continues to assess investment opportunities, both organic and acquisition, to enhance or extend the services and capabilities we offer our customers, which will ultimately strengthen and advance our business.

ENDS

About Air Partner:

Founded in 1961, Air Partner is a global aviation services group that provides worldwide solutions to industry, commerce, governments and private individuals. The Group has two divisions‎: Charter division, comprising air charter broking and remarketing; and the Consulting & Training division, comprising the aviation safety consultancies, Baines Simmons, Clockwork Research and SafeSkys, as well as Air Partner's Emergency Planning Division. For reporting purposes, the Group is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Consulting & Training (Baines Simmons, Clockwork Research, SafeSkys and Air Partner's Emergency Planning Division). The Commercial Jet division charters large airliners to move groups of any size. Air Partner Remarketing, which is within the Commercial Jet division, provides comprehensive remarketing programmes for all types of commercial and corporate aircraft to a wide range of international clients. Private Jets offers the Company's unique pre-paid JetCard scheme and on-demand charter. Freight charters aircraft of every size to fly almost any cargo anywhere, at any time. Baines Simmons is a world leader in aviation safety consulting specialising in aviation regulation, compliance and safety management. Clockwork Research is a leading fatigue risk management consultancy. SafeSkys is a leading Environmental and Air Traffic Control services provider to UK and International airports. Air Partner is headquartered alongside Gatwick airport in the UK. Air Partner operates 24/7 year-round and has 20 offices globally. Air Partner is listed on the London Stock Exchange (AIR) and is ISO 9001:2015 compliant for commercial airline and private jet solutions worldwide. www.airpartner.com