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.
Air Partner offers broker jet card programs starting at jet 10 hours divided by cabin category size of private jets
Air Partner has been named “Best Executive Travel Solutions Provider” by Major Events International (MEI) at an awards dinner held on June 27th as part of its Major Events Summit in Liverpool. MEI provides international business services for companies who want to take advantage of Olympic and World Cup opportunities and win more business in the major events marketplace. Now in its fourth year, the Summit brings together experts from current and future organizing committees, sports bodies, venue and key commercial suppliers involved in major sports events to knowledge share and collaborate.
Air Partner PLC has opened a West Coast sales office as it looks to grow revenues from its jet card membership program
Air Partner said it opened a new office in Los Angeles last week “in line with its strategy to grow its geographical footprint.” The office will service southern California and the broader West Coast markets, strengthening Air Partner’s existing US network, which includes sales offices in New York, Fort Lauderdale and Washington D.C.
Shares of the U.K.-based private jet charter and jet card broker had been suspended last month after a prolonged review of its financial statements
In what might be a sigh of relief for the private jet charter industry, Air Partner PLC announced today it had completed a review of its past financial statements and reported results for its year that ended January 31, 2018. While the company had said its business was solid, following the Chapter 7 bankruptcy of Zetta Jet and ImagineAir ceasing operations, Air Partner’s announcement on May 31 that it would cease trading in its shares until accounts were sorted caused unease. Today the company reported £261.3 million gross transaction value, the amount it invoiced to customers with a £36.1 million gross profit and £5.8 million underlying profit before tax. It reported having £4.8 million in cash excluding deposits for jet cards, the money you pay in advance and is held before your flights. It also said its Net Promoter Score rose from 75% to 79%.
Shares in U.K. traded Air Partner were suspended yesterday as it continues to work through accounting woes it says are not related to current trading
Note: Air Partner has provided a statement to Private Jet Card Comparisons at the end of this article.
Air Partner, which sells jet cards and on-demand charter, said it had agreed to suspend trading in its shares yesterday, according to multiple reports from the U.K. A report in The Telegraph, said Air Partner and its board had agreed with auditor Deloitte it would now not be able to publish its annual accounts until June 11 at the latest and requested the shares be suspended until then. Air Partner chairman Peter Saunders, commented the delay was “extremely frustrating and hugely disappointing,” continuing, “It is a reflection of the volume of work, which began seven weeks ago, to conclude a transparent, thorough, and exhaustive internal review and audit.”