3 Apr 2018 07:00
LEI: 213800JLR6YIRMSCUS98
3 April 2018
AIR PARTNER PLC
('Air Partner', 'Company' or 'Group')
YEAR END UPDATE
The Board of Air Partner has identified, during the course of its year-end review process, an issue predominantly relating to its accounting for receivables and deferred income.
Following preliminary investigations, the issue principally relates to the collection of receivables from customers and accounting for uncollected amounts since financial year 2010/11. Certain uncollected receivables were inappropriately offset against deferred income rather than being expensed to the income statement in the appropriate financial year. This is a non-cash item and has no bearing on the Company's cash balances.
Whilst the investigation continues, the Board presently understands that the cumulative amount between financial year ended 31 July 2011 and the financial year ended 31 January 2018 is approximately £3.3 million and a significant proportion of this relates back to 2011.
At no point was a customer, operator or supplier impacted or disadvantaged. Further, the Group continues to maintain a strong net cash position.
The Board of Air Partner will update the market as appropriate.
Ends
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.
Enquiries: | ||
TB Cardew (PR Advisor to Air Partner) |
T. +44 (0)20 7930 0777 | |
Tom Allison | M. +44 (0)7789 998 020 | |
Alycia MacAskill | M. +44 (0)7876 222 703 | |
Lucy Featherstone
Mark Briffa, Chief Executive Officer Neil Morris, Chief Financial Officer Kate Patrick, Investor Relations | M. +44 (0)7789 374 663
T. +44 (0)1293 844 788
| |
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: Broking 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 (Broking) 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 9001:2008 compliant for commercial airline and private jet solutions worldwide. www.airpartner.com