Air Partner has built on its strong start to the year when it took part in a number of repatriation flights for the UK government with a strong May according to a shareholder update released today which said profits before tax for 2020 now stood at of £7.5m, up from £6.0m in Q1.
According to analyst Greg Poulton of N1Singer, Air Partner’s strong performance has been predominantly driven by high levels of activity in the Freight and Group Charter divisions. The forward order book for June is also strong, with continued demand for Freight and Group Charter services. Visibility beyond June remains limited.
“Performance in H2 will likely depend upon a recovery in activity levels in Private Jets and Safety & Security, with crisis work expected to slow down. As highlighted in the results, the Group is already seeing some early signs of recovery within Private Jets and Safety & Security,” said Poulton.
“Management recognises the challenges ahead and continues to tightly control costs and prioritise preservation of cash. At the end of May, Air Partner had cash in the bank of £16.5m and has drawn down £11.5m of its £13m RCF. We believe the Group is well placed to achieve a strong FY21 given the diversity of its model and the strength of the balance sheet,” he added.
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