Air Partner reports unexpectedly good second-half financial results
Air Partner plc has reported a better-than-expected second half of this financial year, due in part to its work helping to support disaster relief work.
The unexpected results mean that the global aviation services group has had to release a trading statement today, ahead of its scheduled update on 1st February and the end of its financial year on 31 January 2018.
The company expects to have made at least £1m more than it did during the same period last year, due to a number of one-off projects for governments and aid agencies helping to provide relief to hurricane-hit areas of the Caribbean.
Air Partner has reported a “good” second half of this financial year, driven by strong performance by its broking teams. It expects to make a pre-tax profit of at least £6.4m, compared to £5.1m for the same period last year.
A detailed update on business performance will be provided with the full year results, which are expected to be released on 26 April 2018.
“With two weeks to go before the end of the financial year, Air Partner is pleased to report that it has had a good second half. This has been driven by continued performance across all product lines within the Broking division, including strong results in the US and in Freight. In Consulting & Training, the forward pipeline remains encouraging.
“Underlying pre-tax profit for the financial year ending 31 January 2018 is expected to be not less than £6.4m, which compares to £5.1m reported in the same period last year and ahead of market consensus of £5.9m. The Group retains a strong net cash position,” said Air Partner in its trading statement.
The company acquired SafeSkys, which provides environmental and Air Traffic Control services to airports in the UK and abroad, in September and relocated it to its London Gatwick HQ in November.
“It is performing in line with expectations and we are excited about the long term prospects for this business under our ownership,” said the company
In line with our clear growth strategy, the board continues to assess investment opportunities, both organic and acquisition, to enhance or extend the services and capabilities we offer our customers, which will, over the long term, strengthen and advance our market position as we deliver exceptional service and value to our customers globally.”
Air Partner had had “another encouraging year” and its board was “confident about future prospects”.
It added: “As we always state, the world of aviation, and most especially the global charter industry, can be volatile. Against this backdrop we manage the business for the long term, with a very clear strategy of alignment to the needs of our global customer base.”