Tony Mack, Group Chairman of Air Partner, the provider of private aviation services to industry, commerce, governments and private individuals worldwide, will today make the following comments regarding board changes and the Group’s financial position, performance and prospects:
“Today, as planned, Sri Srikanthan will retire as a non‐executive director of
Air Partner. Sri has been an extremely valuable member of the team and the board is grateful to him for providing steadfast and excellent advice over the last seven years.
Additionally, after 18 happy and successful years as Group Chairman and almost 40 years with the Group I am looking to retire from my role as Executive Chairman. Consequently, I will step down once we have found a suitable replacement. However, as a significant and long term shareholder this will only be a change of roles, as I will remain on the Group’s board as a non‐executive director.
I first joined Air Partner in the 1970’s and have seen the Group grow from one office, with six employees and a turnover of less than £1 million, to a leading business in a burgeoning industry. We strive to make Air Partner a company that people are really proud to work for, and today the Group has some 250 aviation professionals, across 23 offices, generating turnover in excess of £185 million per annum. I know that my father, who started Air Partner’s predecessor in 1961, would be extremely proud of the success, hard work and camaraderie that are the hallmarks of the Group today.
Air Partner has well developed succession plans, which arguably were first set in place some 25 years ago when David Savile, Chief Executive, and Stephanie White, Finance Director, joined me at Air Partner. However, above and beyond this, I am pleased to say that the board is well advanced in its search for a new Chairman and I am confident that the successful candidate will be well qualified to take
Air Partner into a new phase of growth and significant achievement as a PLC.
We expect to make an announcement on this process before the half year results, and in the interim I remain Executive Chairman, ably supported by the board of directors and their significant industry experience.
Six weeks ago the Group published its 2007 year end results. These results also reported on any material events or transactions which had affected the Group’s financial position, performance and prospects between 31st July 2007 and 11th October 2007.
The board of directors is today reporting that there have been no material events or transactions affecting the financial position, performance or prospects in the six week period since the publication of the year end results. Consequently, current trading is still strong, forward orders are ahead of the prior year and the board of directors remains confident in Air Partner’s prospects for the current financial year. However, the board of directors is also keen to remind investors that forward visibility in this industry remains as uncertain as ever and investors are reminded to view the business over 12 month periods and not quarterly.”
