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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.
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.
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%.
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.
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 Thursday.
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.
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.
