17 Dec 2021 07:00
LEI: 213800JLR6YIRMSCUS98
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
17 December 2021
AIR PARTNER PLC
("Air Partner", "Company" or "Group")
TRADING UPDATE
Air Partner, the global aviation services group, is pleased to report a trading update for the 12 months to 31 January 2022.
Strong trading in the second half of the financial year has been driven by exceptional Freight bookings, including the transportation of vaccines. We have also continued to see strong levels of trading in Private Jets in both the US and UK. Demand for these services has more than outweighed the continued challenging conditions in Group Charter and Safety & Security, which have been impacted by Covid-19 travel restrictions. Although Group Charter's government and sports work has remained strong, tour operators, automotive and meetings, incentives, conferences and exhibitions (MICE) activities are still not back at pre-pandemic levels.
As a result of the strong demand for the Company's services, the Board of Air Partner now expects that profit before tax for the 12 months to 31 January 2022 will be materially ahead of current market expectations.
The Group's cash position remains strong with net cash of £12.7m as of 30 November 2021 (31 July 2021: £9.8m), excluding both customers' segregated JetCard deposits and a £1.4m provision for deferred consideration and other items relating to the acquisition of Kenyon International Emergency Services Inc ("Kenyon"). In addition, the Group has already repaid the £5.0m of bank debt taken on in August 2021 to fund the initial purchase price of Kenyon.
The Board continues to view the future with confidence, in spite of the challenging backdrop created by the pandemic.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended. The person responsible for arranging for the release of this announcement on behalf of the Company is Joanne Estell, CFO.
ENDS
Enquiries: |
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Air Partner | 01293 844788 |
Mark Briffa, CEO |
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Joanne Estell, CFO |
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TB Cardew (Financial PR advisor) | 0207 930 0777 |
Tom Allison | 0778 999 8020 |
Alycia MacAskill | 07876 222 703 |
About Air Partner:
Founded in 1961, Air Partner is a global aviation services group providing aircraft charter and aviation safety & security solutions to industry, commerce, governments and private individuals, across civil and military organisations. The Group has two divisions: Air Partner Charter, comprising Group Charter, Private Jets, Freight and Specialist Services; and Air Partner Safety & Security, which comprises Baines Simmons, an aviation safety management and fatigue risk management consultancy, Redline Assured Security, a leading provider of global security solutions, Kenyon International Emergency Services, a world leader in emergency planning and incident response, and Managed Services. Air Partner has 18 locations across four continents, with its headquarters located alongside Gatwick airport in the UK. The group employs around 450 professionals globally and operates 24/7. Air Partner is listed on the London Stock Exchange (AIR) and is the only publicly listed air charter broker and aviation safety & security consultancy. It is ISO 9001:2015 compliant for commercial airline and private jet solutions worldwide. More information is available on the Company's website www.airpartnergroup.com.