Air Partner plc, the global aviation services group, has reported record results for its financial year ended 31 January 2021.
Air Partner reported a gross profit up £10.7m (31.3%) to £44.9m due to exceptional trading in Group Charter and Freight divisions. Overall, the US contributed 39.6% to total Group gross profit.
Air Partner underlying profit before tax was £11.6m, up £7.4m year on year (176.2%), driven by strong trading and cost saving measures. Statutory profit before tax was £8.4m, while basic EPS of 9.4p.
The company’s net cash (excluding JetCard cash) was £9.9m, from net debt of £6.9m at 31 January 2020. Air Partner has a liquidity headroom of £24.4m, comprised of net cash (excluding JetCard cash), an undrawn RCF facility of £13.0m and £1.5m overdraft.
The company has recommended a final dividend of 1.6p per share (2020: 0.0p), making total of 2.4p per share for the whole year, up 33.3% on prior year (1.8p).
Air Partner has reported a strong performance in Group Charter, arising from extensive evacuation activity; sports and government business also continued, despite COVID-19, while freight continue to impress, driven by PPE flying and automotive supply chain disruption.
Although US Private Jets performed well, despite the pandemic, as HNWIs travelled for leisure, Air Partner reports a difficult period for Private Jets in UK and Europe due to ongoing travel restrictions.
The company has reported a “strong start to the current year with Q1 performance ahead of management’s expectations”, while trading levels for Q2 are also expected to be “ahead of management’s original forecast, subject to government restrictions being lifted”.
“Last year was a record year for Air Partner, as our proven ability to partner with governments and global corporations enabled the Group to play a vital role in evacuations, repatriations and the provision of PPE in the face of the global pandemic,” said Mark Briffa, CEO of Air Partner. “I am very proud of the hard work, resilience and bravery of our employees. I was also pleased to see our diversification strategy has come to the fore, as we provided customers with solutions that combined our expertise in Charter and Safety & Security in Asia, America and Europe. We have started the new financial year ahead of expectations, with our organic investments in the US continuing to drive growth in this important market. Looking ahead, I am excited about the opening up of the aviation sector and believe our Private Jets and Safety & Security offerings are especially well placed to benefit from the re-opening of skies and airports.”