Air Partner announces first-half results

Air Partner

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.

Air Partner gets buy rating from Liberum Capital

Air Partner

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 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.

Air Partner says U.S. clients increased 80% during its last financial year

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. 

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