Global aviation services group Air Partner says financial year results will be “materially ahead of current market expectations.”
“Strong trading in the second half of the financial year has been driven by exceptional Freight bookings, including the transportation of vaccines. We have also continued to see strong levels of trading in Private Jets in both the U.S and the U.K. Demand for these services has more than outweighed the continued challenging conditions in Group Charter and Safety & Security, which have been impacted by Covid-19 travel restrictions,” Air Partner said in a written statement.
It added, “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.”
The company now expects that annual profit before tax will be materially ahead of current market expectations.
The Group’s cash position remains strong with net cash of £12.7 million as of 30 November 2021. That’s an increase from July’s ledger, which stood at £9.8 million. The figure excludes customers’ segregated JetCard deposits. There are £1.4 million provisions relating to the acquisition of Kenyon International Emergency Services Inc.
In addition, the Group has already repaid the £5 million of bank debt taken on in August 2021. The monies were used to fund the initial purchase price of Kenyon.
According to Air Partner, “The Board continues to view the future with confidence, in spite of the challenging backdrop created by the pandemic.”
In early morning trading, Air Partner stock stood at GBX 85.42, up from yesterday’s close of GBX 82.0 GBX. Its 12-month average has ranged between GBX 62.62 and GBX 104.00.
Air Partner offers fixed-rate jet cards in both the U.S. and Europe.