Air Partner, the global aviation services group, has reported expected underlying profit before tax of at least £10 million in the five months to to 30 June 2020 in its unaudited management accounts.
Ed Warner, Chair, stated that the Air Partner “took early and decisive action during the COVID-19 pandemic, ensuring the Group was well positioned to support our global customers’ emergency aviation needs”.
At the end of June, the Group had normalised cash in the bank of £16.0m, excluding significant customer deposits and JetCard cash. The Group also has access to a total debt facility of £14.5 million, comprising a £13.0 million revolving credit facility (RCF) – currently undrawn – and a £1.5 million overdraft.
On 12 June Air Partner announced the successful completion of the Placing of new Ordinary Shares, raising gross proceeds of £7.5 million from both existing and new shareholders. This has enabled the Group to enter the second half of the year with significantly reduced debt and good working capital to invest in organic growth opportunities.
Analyst Gert Zonneveld said: “Today’s AGM statement confirms that trading in the first five months of the current financial year has been significantly ahead of budget. With an underlying PBT of at least £10.0m during that period, and the expectation of a profitable July, the Group appears to be well on its way to delivering record interim results.”