Air Partner delivers strong full-year profits

Air Partner, the global aviation services group, reported results for the year ended, January 2016. Underlying PBT of £4.3m, an increase of 64%, underlying EPS of 29.7p, an increase of 7%, lower than the increase in underlying PBT due to non-recurrence of last year’s credits and a non-recurring US tax item. Excluding this, underlying EPS would have been 33.1p. Statutory PBT rose by 20% to £3.2m after £1.1m of other items. Total cash balances including JetCard deposits of £19.8m (£18.8m), Group cash (excluding JetCard deposits) of £3.0m (£4.7m), following acquisitions (£2.3m net) and working capital movements. Net debt, excluding JetCard cash, of £0.5m equivalent to 0.1x EBITDA. Commercial Jets delivered a strong performance, particularly in the UK and with a solid performance in Europe but as with the first half, the US was below expectations. Private Jets in the UK performed exceptionally well, Europe was stable and the US was slightly below expectations. Freight doubled its profits, performing particularly well in Germany and the UK and JetCard utilisation was up by 33%.