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.”
There’s a lot to like about Air Partner’s jet card program, but don’t tell your friends
Jet cards are in a bull market for several reasons in our opinion. They are the easy way to charter. Once you find the right card program (which is what we help you do) getting airborne is literally one call away. In many ways, jet cards are really the Uber of private aviation. You already know all the various policies – what’s included, what’s not. You know the standards for sourcing aircraft and the minimum requirements for the pilots who will fly you. Jet cards also don’t require the three to five-year commitment that fractional ownership entails, and once you figured out which program is a fit, it’s a relatively easy transaction compared to the consultants and multiple contracts buying a share entails. That’s why many jet card providers rightfully have lofty goals for growth. Air Partner is not one of them.