Air Partner issues a pre-close statement

Air Partner is releasing a pre-close statement ahead of entering a close period.

“In the six months to 31 January, Air Partner has traded in line with the Board’s expectations. The period was characterised by improved margins and reduced costs, which offset slower sales. Margin growth reflected an improved product mix, while lower costs were a direct result of the cost reduction programme undertaken last year. The Group continues to closely monitor overheads, while selectively investing in Air Partner’s stated strategic growth areas: the US market, Private Jet broking in Europe, the Oil & Gas sector and growing our presence in emerging markets.”

Private Jet broking (less than 20 seats)

“Air Partner’s Private Jet division performed slightly ahead of the prior year with a particularly strong performance in the US. High net worth individuals and corporate clients continue to eschew outright ownership of aircraft and fractional schemes in favour of flexible and more affordable card schemes.”

Mark Briffa, CEO of Air Partner, said: “Due to continued economic uncertainty, we remain cautious in our expectations for the current year. However, we are making progress against the Group’s stated strategy with good trading in the US and within the Private Jet division. Air Partner’s JetCard continues to be well received by both business users and high net worth individuals, as its flexibility, value and reliability are appreciated by clients, with the Group’s first $1m card recently sold to a corporate client.”