Air Partner PLC (“Air Partner” or “the Group” or “the Company”)
Results for the year ended 31 July 2010
Air Partner is a leading provider of private aviation services to industry, commerce,
governments and individuals worldwide.
Highlights:
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Resilient performance despite challenging markets
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Core broking business performed well in H2
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Restructuring of core business bearing fruit
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Closure of Private Jet Operating Company complete (discontinued operations)
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New management team in place
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Dividend reinstated:15p interim dividend announced on 4 October 2010 will be paid on 17 December 2010 to shareholders on the register at 12 November 2010
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Visibility continues to be limited
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Current trading remains challenging, but with grounds for cautious optimism
Group Sales £230m 2009: £187m
Underlying Group PBT* £3.5m 2009: £5.9m
Statutory Group PBT £2.8m 2009: £5.6m
Loss for the period (£1.65m) 2009: (£0.04m)
Discontinued operations (£4.4m) 2009: (£4.7m)
Cash £11.7m 2009: £16.1m
Diluted EPS (continuing operations) 26.8p 2009:45.7p
Diluted EPS (discontinued operations) (42.9p) 2009: (46.0p)
Diluted EPS (continuing & discontinued operations) (16.1p) 2009: (0.4p)
*Adjusted for exceptional expenditure of £742,000 (2009: £292,000)
Mark Briffa, CEO of Air Partner commented:
“At the half year, the Board announced decisive action to transition Air Partner back to its core broking business and better position the Group for a return to growth. I am pleased to report that the restructuring has progressed well and our broking business performed strongly in the second half of the year. As a result, the dividend has been reinstated and the Board intends to pursue a progressive dividend policy in the future. The Board is confident that today, despite the ongoing challenging economic backdrop, Air Partner is leaner, more efficient and better placed for future growth. My thanks go to the whole Air Partner team for all their effort and hard work over the last year.”
12 October 2010
ENQUIRIES:
Air Partner plc 01293 844 788
Mark Briffa
Temple Bar Advisory 0207 002 1080
Tom Allison 07789 998 020
Nicola Flynn
