Air Partner H1 profits fall despite 229% increase in U.S. jet card sales

First-half profits for Air Partner slipped to £18.6 million as Group and Freight Charter returned to normal levels

Air Partner’s unaudited results for the first six months of its 2022 financial year revealed a spike in jet card sales. However, that was offset by a return of group and freight charters to “normalized” levels.

As a result, gross profit declined to £18.6 million from £27.7 million. However, those numbers still remained above 2019’s record level of £17.2 million.

One analyst responded favorably. Canaccord Genuity kept its buy rating, raising its price target to 120 pence from 105 pence. It also set a long-term target that shared in Air Partner could double to 240 pence.

In early afternoon trading, Air Partner is at 97 pence after closing yesterday at 94 pence.

“In our view, H1 confirms the benefits of Air Partner’s strategy of diversifying organically (with recent CalMac and Gatwick contract wins) and by selective acquisition (like Kenyon). H1 profit is now more balanced,” Canaccord wrote.

Air Partner said Group Charter, Private Jets, Freight, and Safety & Security divisions each contributed at least 20% to gross profit.

Private jet charters and jet cards were the stars of the first-half results. The U.S. saw a 229% increase in new members year-over-year. Private Jets’ gross profit in the U.S. and U.K. is now at pre-pandemic levels.

Air Partner CEO Mark Briffa said, “Our vision to build a portfolio of diverse aviation services that smooth earnings and builds out our customer offering are clearly progressing, with all four products – Group Charter, Private Jets, Freight and Safety & Security – making a significant contribution to these results. Looking ahead, strong current trading across all areas of our Charter division, and an improving outlook for Safety & Security, gives us confidence in our prospects for H2, and accordingly, we have upgraded our financial performance expectations for the full year.”