Air Partner PLC AGM Statement (2322U)
July 11 2018 - 1:00AM
UK Regulatory
TIDMAIR
RNS Number : 2322U
Air Partner PLC
11 July 2018
11 July 2018
LEI: 213800JLR6YIRMSCUS98
Air Partner plc
AGM STATEMENT
Air Partner plc ('Air Partner' or 'Group'), the global aviation
services group, holds its Annual General Meeting today. At the
meeting, Mark Briffa, Chief Executive Officer, will make the
following statement:
"In our full year results, published on 11 June, we reported
that the new financial year had started with a particularly strong
performance in Freight and the USA, a flat performance in
Commercial Jets, and a slow start for Private Jets UK.
Additionally, our more pipeline orientated businesses in Consulting
& Training and Remarketing have encouraging order books, which
we expect to develop further during the year ahead. I am pleased to
report that since that announcement we have seen increased strength
in Commercial Jets.
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 GBP1.3m in the current
year as a result of the recent accounting review, we are determined
to realise value from that unexpected cost by learning from its
findings, implementing changes and being a better and stronger
business as a result.
In June we announced the opening of a new Air Partner office in
Los Angeles, California, taking our local presence in the USA to
four offices. This new office builds on the record performance from
our US business over the last year where client numbers rose by
80%. The Los Angeles office will cover the west coast and offer our
full suite of Charter services in Private Jet, Commercial and
Freight, along with our own brand JetCard product. Los Angeles
offers good potential for growth over the next five years as we
steadily develop and invest in headcount ahead of customer
growth.
We are actively recruiting Charter Brokers across all our
products and services in a variety of locations as we steadily
increase network headcount over the medium term, most recently
expanding our local presence in the USA.
As we always state, the global charter business has consistently
been, and will continue to be, a volatile industry. Against this
backdrop we manage the business for the long term, with a very
clear strategy of alignment to the needs of our global customer
base. In line with our clear growth strategy, the Board continues
to assess investment opportunities, both organic and acquisition,
to enhance or extend the services and capabilities we offer our
customers, which will ultimately strengthen and advance our
business."
Air Partner will provide a further update before the Group
enters its close period on 28 August 2018.
ENDS
Enquiries:
Air Partner 01293 844788
Mark Briffa, CEO
Chris Mann, Interim CFO
Kate Patrick, Investor Relations
TB Cardew (Financial PR advisor) 020 7930 0777
Tom Allison 07789 998 020
Alycia MacAskill 07876 222 703
About Air Partner:
Founded in 1961, Air Partner is a global aviation services group
that provides worldwide solutions to industry, commerce,
governments and private individuals. The Group has two divisions :
Charter division, comprising air charter broking and remarketing;
and the Consulting & Training division, comprising the aviation
safety consultancies, Baines Simmons, Clockwork Research and
SafeSkys, as well as Air Partner's Emergency Planning Division. For
reporting purposes, the Group is structured into four divisions:
Commercial Jets, Private Jets, Freight (Charter) and Consulting
& Training (Baines Simmons, Clockwork Research, SafeSkys and
Air Partner's Emergency Planning Division). The Commercial Jet
division charters large airliners to move groups of any size. Air
Partner Remarketing, which is within the Commercial Jet division,
provides comprehensive remarketing programmes for all types of
commercial and corporate aircraft to a wide range of international
clients. Private Jets offers the Company's unique pre-paid JetCard
scheme and on-demand charter. Freight charters aircraft of every
size to fly almost any cargo anywhere, at any time. Baines Simmons
is a world leader in aviation safety consulting specialising in
aviation regulation, compliance and safety management. Clockwork
Research is a leading fatigue risk management consultancy. SafeSkys
is a leading Environmental and Air Traffic Control services
provider to UK and International airports. Air Partner is
headquartered alongside Gatwick airport in the UK. Air Partner
operates 24/7 year-round and has 20 offices globally. Air Partner
is listed on the London Stock Exchange (AIR) and is ISO 9001:2015
compliant for commercial airline and private jet solutions
worldwide. www.airpartner.com
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END
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