Group charters and freight helped U.K.-based broker and aviation services company Air Partner boost pre-tax earnings by 250% in the first six months of its financial year
– Jet Card sales increase by 50%; U.S. private jet charter outlook positive
U.K.-based Air Partner has ridden a COVID-19 boom in group charters and freight to record profits for the first half of its financial year, according to unaudited results released ahead of the trading day this morning in London.
The diversified private jet broker and aviation services company had been providing monthly updates since the beginning of the COVID-19 pandemic
U.K.-based private jet charter and jet card broker Air Partner will return to a normalized reporting schedule following its annual meeting, scheduled to be held later today.
Since the start of the COVID-19 Coronavirus pandemic, the group has been providing monthly updates on its varied businesses.
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%.
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.
The publicly traded U.K. company sells jet cards and
on-demand charter with fixed rate programs in both the U.S. and Europe
Stock analyst Liberum Capital restated its buy rating on
shares of Air Partner (LON:AIR) in a research note published last Thursday,
according to several reports.
Shares of Air Partner stock opened at GBX 89.40 ($1.17) on
Air Partner has a 12 month low of GBX 71.40 ($0.93) and a 12
month high of GBX 129 ($1.69). The stock has a market cap of $46.39 million and
a P/E ratio of 17.19. The company has a debt-to-equity ratio of 21.28, a
current ratio of 1.06 and a quick ratio of 0.80, according to Liberum.
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.