Air Partner board confident after strong year
Air Partner reports strong trading in the second half of 2021 driven largely by freight as it publishes its trading update for the year. The firm has also continued to see strong levels of trading in its private jets in both the US and UK.
Air Partner says demand for these services “has more than outweighed the continued challenging conditions” in group charter and safety & security—dogged by Covid-19 travel restrictions.
“Although group charter’s government and sports work has remained strong, tour operators, automotive and meetings, incentives, conferences and exhibitions (MICE) activities are still not back at pre-pandemic levels,” stated the update.
As a result of the strong demand for services, the board expects that profit before tax for the 12 months to 31 January 2022 will be above current market expectations.
The group’s cash position as a whole remains strong with net at £12.7m as of 30 November 2021 up from £9.8m in July. Although this excludes customers’ segregated jet card deposits, a £1.4m provision for deferred consideration and other items surrounding the acquisition of Kenyon. Although, Air Partner has repaid the £5m of bank debt taken on in August 2021 to fund the initial purchase of Kenyon.