Opening up its Annual General Meeting Air Partner CEO Mark Briffa will cite a “strong performance” for its U.S. charter and jet card business
In Air Partner’s first annual general meeting since revealing an accounting mistake and having to suspend trading in its shares for nearly two weeks, it was mostly good news although CEO Mark Briffa addressed the company’s financial news problem. “We remain confident about the Group’s prospects for the remainder of the year. We have a strong net cash position and while we will incur a material one-off cost of £1.3 million in the current year as a result of the recent accounting review, we are determined to realize value from that unexpected cost by learning from its findings,” he will say via a prepared statement.
Briffa will tell the audience, “In our full-year results, published on 11 June, we reported that the new financial year had started with a particularly strong performance in Freight and the USA, a flat performance in Commercial Jets, and a slow start for Private Jets UK.” It is not clear if Air Partner’s accounting troubles, now apparently beyond it, played a role in the lackluster results in its home country.
Briffa will also say, “Additionally, our more pipeline orientated businesses in Consulting & Training and Remarketing have encouraging order books, which we expect to develop further during the year ahead. I am pleased to report that since that announcement we have seen increased strength in Commercial Jets. We remain confident about the Group’s prospects for the remainder of the year. We have a strong net cash position and while we will incur a material one-off cost of £1.3m in the current year as a result of the recent accounting review, we are determined to realise value from that unexpected cost by learning from its findings, implementing changes and being a better and stronger business as a result.”
The CEO is also set to talk about its expanded U.S. sales effort. “In June we announced the opening of a new Air Partner office in Los Angeles, California, taking our local presence in the USA to four offices. This new office builds on the record performance from our US business over the last year where client numbers rose by 80%. The Los Angeles office will cover the west coast and offer our full suite of Charter services in Private Jet, Commercial and Freight, along with our own brand JetCard product. Los Angeles offers good potential for growth over the next five years as we steadily develop and invest in headcount ahead of customer growth. We are actively recruiting Charter Brokers across all our products and services in a variety of locations as we steadily increase network headcount over the medium term, most recently expanding our local presence in the USA,” Briffa will say according to prepared remarks sent to Private Jet Card Comparisons.
He will conclude by telling analysts and shareholders, “As we always state, the global charter business has consistently been, and will continue to be, a volatile industry. 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. 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 ultimately strengthen and advance our business.”
Air Partner’s jet card program provides guaranteed availability and fixed rate pricing in North America, Europe and the Middle East. The jet card price starts at just $47,000 for 10 hours and program are refundable. It also enables jet card members to use deposit funds for on-demand charter trips. You can read our Jet Card Insider review here.