Full-year gross profit fell 3.7% to £34.2m for the global aviation services group
Global aviation services provider Air Partner said its full-year sales and profits declined for the period ending Jan. 31, 2020.
Gross profit was down 3.7% to £34.2 million compared to £35.5 million for the previous year. On a like for like basis, adjusting for constant exchange and acquisitions, profits declined 5.3%.
“Very weak” private jet charters expected to see “some improvement” in the second quarter
U.K.-based Air Partner offered its third COVID-19 Coronavirus update this morning with news of a £6m profit before tax covering February, March, and April, its fiscal first quarter.
On the news, its stock (LON: AIR) was trading at GBX 49.40 midday in London, down from its 52-week high GBX 102.90, but up considerably from a low last month of just GBX 15.33.
U.S. private jet charters are holding up better than Europe
Air Partner says cargo and repatriation charters are helping offset drops in private jet charter and jet card revenues
Private jet charter, jet card broker and aviation services provider Air Partner provided an update on trading this morning. It covers its new financial year which began February 1, 2020.
When it comes to rules, for Air Partner, jet cards are meant to be customized
Private jet travel is just 18% of Air Partner’s diversified business, which includes large group charter, cargo, and aviation safety-related consulting
Air Partner recently completed a complex Coronavirus emergency evacuation flight from Japan to the U.K.
U.K.-based Air Partner has long had one of the better jet
card programs, or as it calls it, JetCard. That’s based on the published rules.
But, that’s not where it ends.
But before we look at what’s off the menu, let’s quickly recap its North America-based program as is.
A flexible jet card
The starting point to buy is just 10 hours, compared to 25
hours for many providers.
The jet card and charter broker joins NetJets with its UAE expansion push
Jet card and charter broker Air Partner said it has opened a new office in Dubai as it looks to extend its Middle East presence as it seeks continued organic growth.
Last month, NetJets said it would open a Dubai office in early 2020. Air Partner offers brokered jet cards and private jet charter while NetJets focuses on fractional ownership, leases, and jet cards.
The jet card broker is consolidating to have just one published program for each cabin size category – light, midsize, super-midsize, and large jet
U.K.-based private jet broker Air Partner, which offers fixed-rate, guaranteed availability jet cards for service areas in Europe, including the U.K., the Middle East, and North America, is phasing out its JetCard Sterling as a published offering.
The Sterling level program offers aircraft averaging 10 years old but didn’t guarantee the age of planes, so inventory included pre-2000 model private jets.
With the move, it will now offer singular pricing based exclusively on aircraft that meet its sourcing standards, instead of offering two levels of pricing, one for newer and the other for older jets.
Gross profit of £17.2 million was “stronger than levels anticipated at the time of AGM”
U.K.-based charter and jet card broker Air Partner said its gross profit was £17.2 million for the first half of its financial year, which ended in July. It said the results are “in line with prior period and stronger than levels anticipated at the time of AGM.”
Air Partner sells jet cards with fixed hourly rates that cover Europe, and North America, including the Caribbean and Mexico. During the summer, it introduced one-way transatlantic fixed rates starting with just a 10-hour commitment.