Air Partner delivers strong first half trading performance

Air Partner reported an encouraging performance for the six months to July 31st, 2015. Gross profit rose by 13% to £12.1m while underlying operating profit and underlying profit before tax increased twofold to £2.2m. Reported pre-tax profit rose by 70% to £1.9m after a charge £0.3m relating to acquisitions. The underlying performance resulted from improved trading in the Commercial Jets division which increased its operating profit by 51% to £1.7m (2014: £1.1m), along with progress in both Private Jet and Freight divisions, which delivered operating profit of £0.9m and £0.4m respectively. The Group’s underlying basic earnings per share has increased by 26% to 17.1p, lower than the increase in underlying pre-tax profits due to non-recurrence of last year’s tax credits. Non-JetCard cash has fallen by £4.7m to £1.4m. The two main factors behind this relate to working capital movements as a result of increased charter demand from some of its largest credit customers, as well as acquisition investments and associated costs in the period. In May 2015, Air Partner announced the acquisition of Cabot Aviation, a leading global Aircraft Remarketing broker for a total net consideration of up to £1.1m and, after the period end, it announced the acquisition of Baines Simmons Limited, a world leading Aviation Safety consultant for a total net cash consideration of up to £6.0m.