Air charter broker, Air Partner, has had a mixed start to 2020, with positive numbers for the first two months and the launch of a Covid 19 repatriation service, however the longer term impact of coronavirus is uncertain say analysts.
In a statement accompanying the announcement that it was withdrawing its full year guidance due to uncertainty over the pandemic Air Partner said it has had an extremely busy start to the financial year, with February reporting a good profit and March commencing strongly.
However, while it has undertaken two major repatriation operations for the UK’s Foreign Office and launched a new product, Air Partner Protect, to support customers flying during this difficult time, these were balanced by a significant decline in its group charter segment, with a number of delays and cancellations.
Analysts at Canaccord Genuity reacted to the withdrawal of guidance by Air Partners by placing the stock under review, while saying it was still well placed to handle the downturn.
“As one of the world’s leading air charter brokers, we believe Air Partner is well positioned to benefit from the long-term growth trends in aviation. In the near term, however, global aviation will be significantly impacted by the COVID-19 crisis. Air Partner is unable at this stage to judge the full year impact, positively or negatively, with any degree of certainty. We place the stock is Under Review until there is more clarity,” said Canaccord Genuity.
Mark Briffa, Air Partner chief executive said: “It is an extremely precarious time for the global aviation industry, which is facing unprecedented pressures and challenges, in the face of which we continue to manage the business in the best interests of all our stakeholders.
We appreciate that travel bans, and restrictions are necessary to limit the spread of COVID-19, but we would urge governments to recognise that some air travel is vital in order to evacuate people from high-risk areas, repatriate citizens and transport much needed aid and medical supplies. Appropriate designations and approvals need to be put in place swiftly to enable such crisis flights to take place, and all parties must unite in a common cause so that global air infrastructure can play its part in combating this crisis.”