Highlights
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* Sales
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up 35% to £251.3m (£185.8m)
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* Profit before tax
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up 21% to £9.2m (£7.6m)
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* Diluted EPS
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up 23% to 61.7p (50.3p)
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* Proposed final dividend
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up 70% to 22.6p (13.3p)
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* Significant increase in full year dividend
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up 50% to 30.0p (20.0p)
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* Net Cash
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up 7% to £20.8m (£19.5m)
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* Diversity strategy providing resilience in current economic climate:
- strong increase in Government work
- high net worth (HNW) clients more than doubled to represent 13% of turnover
- UK, France, Italy and Germany performed particularly well
* Continued reduced demand from corporate market
* Creation of Air Partner Academy to increase investment in skills
* Robust financial position and no debt
* 14th consecutive dividend increase and announcement of further significant increase in dividend
* Current trading: Q1 remains on target
* However, forwards are significantly down, driven by poor visibility from recent economic turmoil
David Savile, Chief Executive commented: “I am delighted to be announcing a third consecutive year of record results. We have invested in the business throughout the period of near perfect conditions, and the Group enters this period of economic uncertainty in a strong financial position. Air Partner is a profitable business, with no debt, a highly experienced team, robust systems and a diversification strategy that the board believes will best position the Group to face the head wind and emerge in an even stronger position than we are today.”
To view the results presentation to the City, click here.
