Air Partner finishes accounting review and reports ‘strong’ results

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%. 

Jet card and private jet charter seller Air Partner suspends shares on continued accounting woes (Updated)

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.” 

Exclusive: Regional jet card and private charter operator ImagineAir suspends operations

ImagineAir was serving over 1,000 eastern U.S. airports with a fleet of Cirrus SR22 single-engine props and offering prepaid memberships up to $50,000

 

ImagineAir, a Georgia-based operator of Cirrus SR22s, which last November had said it planned to double its fleet of 14 single-engine aircraft has suspended operations, Private Jet Card Comparisons has learned. An email sent by the company said flights were suspended on May 24, 2018, although the email apparently only was sent to members and brokers in the past 24 hours. The company’s website is still active and is pricing flights, and we were able to get to where they wanted our credit card data for payment. Likewise, there was still an active area for members to use credits to pay for flights. Calls to the phone number listed on its website returned a busy signal.

Zetta Jet Closes Down; Set For Chapter 7 Liquidation

Zetta Jet was trying to compete against NetJets and VistaJet in offering long-haul, luxury private jet charter and jet card programs

 

The saga of Zetta Jet looks to be over, save for Chapter 7 bankruptcy liquidation. It comes about a week after an announcement that the luxury private jet operator had secured $8.5 million in funding and ends a bumpy two-year journey that included boardroom brawls, accusations of fraud and a September visit to Chapter 11. 

Zetta Jet Says It Has Secured $8.5 Million in Post-Petition Chapter 11 Financing

The luxury private jet operator is trying to move forward and emerge from bankruptcy amid allegations of fraud and corruption

 

Zetta Jet earlier announced today that its existing lessor, Scout Aviation II, LLC, has committed to provide up to $8.5 million in post-petition financing. The financing, subject to Bankruptcy Court approval, will enable the operator of long-distance luxury private jets to satisfy customary obligations associated with the daily operations of its business, including the timely payment for aircraft usage, fuel, post-petition goods and services, employee wages and other obligations, according to a press release.