Air Partner PLC (“Air Partner” or “the Group” or “the Company”)
Results for the six months ended 31 January 2010
Air Partner is a leading provider of private aviation services to industry, commerce, governments and private individuals worldwide.
Highlights:
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* Commercial Jet Broking Division: overcapacity and discounting continues
- working with political party for UK general election campaign
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* Private Jet Broking Division: broking & JetCard have held up relatively well
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* Freight Broking Division: significantly increasing market share
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* Private Jet Operating Company (“PJOC”): placed into administration:
- decisive action stops losses, alternative exit options exhausted
- change in aviation environment removed need to secure capacity via PJOC
- core private jet broking and JetCard products not affected by closure
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* Active management of office network for efficiencies and future growth
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* Current trading remains challenging, some tentative signs of Q4 improvement
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Continuing operations (core commercial and private jet broking):
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* Group Sales
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Down 7% to £95.0m (2009: £101.8m)
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* Group PBT
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Down 77% to £1.0m (2009: £4.3m)
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* Group diluted EPS
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Down 64% to 11.7p (2009: 32.3p)
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Including discontinued operations (including private jet operating company):
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* PAT
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Down 148% to (£1.2m) (2009: £2.5m)
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* Diluted EPS
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Down 147% to (11.6p) (2009: 24.5p)
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* Cash
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Down 34% to £14.7m (2009: £22.1m)
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* Exceptional items and impairments: £2.4m from costs associated with PJOC
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* Board not declaring dividend payment until year end due to losses and current trading
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16th March 2010
Aubrey Adams, Chairman of Air Partner commented: The Board has taken decisive action to reduce overheads and ensure that the Group is well positioned to return to growth as the market starts to improve. The decision to suspend the half year dividend until the year-end, when we intend to make a payment to shareholders, reflects the extraordinary conditions in the aviation market. The steps announced today will enable the Group to focus on its core broking business, offering excellent charter and jet card services to governments, corporates and high net worth clients.”
Enquiries:
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Air Partner plc
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T. 01293 844 788
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Mark Briffa CEO Designate (on March 16th 2010)
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T. 0207 002 1080
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Temple Bar Advisory
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T. 0207 002 1080
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Tom Allison
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T. 0778 999 8020
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Nicola Flynn
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