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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Air Liquide SA | AQEU:AIP | Aquis Europe | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.26702 | -0.14% | 185.113 | 185.04 | 185.08 | 185.66 | 184.46 | 185.10 | 13,067 | 10:41:57 |
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RNS Number:6953Q
Air Partner PLC
09 October 2003
AIR PARTNER PLC
("Air Partner or "the Group")
Preliminary Results for the year ended 31 July 2003
* Good results despite tough circumstances in the aviation industry.
* 20th consecutive year of sales increases. Turnover to 31 July 2003 up
by 14% to #114.7m.
* Pre-tax profits down 29% to #2.9m, due to increased overheads from new
office openings and absorbing increased staff costs (in line with the Group's
stated strategy for organic growth.)
* Final dividend increased by 10% to 9.1p. Full year dividend up 10% to 13.6p
* Delivery on strategy to achieve growth in high-end Government work
across the Group's offices.
* All 18 international offices grew sales in the period under review and
the new offices in Washington DC, Dubai, Hamburg and Singapore have traded in
line with internal expectations.
* Air Partner again demonstrated its ability to succeed in turbulent
economic environments.
David Savile, Chief Executive, commented:
"The Group has performed well in a year that has challenged the entire aviation
industry. Our diversity, ability to win opportunistic business and service blue
chip clients globally has served us well. With recent investments in Air
Partner behind us and the Group's ability to perform in tough markets, I believe
Air Partner is well positioned to continue to perform well."
Chairman's Statement
I am pleased to report that Group sales for the year ended 31 July 2003
increased by 14% to #114.7 million (2002: #100.7 million). This has been
achieved in spite of difficult trading conditions in the air transport industry.
Profit before tax was #2.9 million (2002: #4 million) and earnings per share
was 18.8p (2002: 29.5p). The Directors recommend increasing the final dividend
by 10% to 9.1p making a total of 13.6p (2002: 12.35p), and thereby increasing
the total dividend for the full year by 10%. Once again, Group cash increased,
from #8.3m in 2002 to #8.9m.
During this year our aviation industry has been adversely affected by military
conflict, the SARS virus, and economic slow down in some countries; due to these
factors lead time and visibility for new business has become shorter than ever,
but despite this Air Partner has fought hard to produce good results in
turbulent times.
The decrease in the Group profits this year has largely been due to the
increased overhead of opening new offices and absorbing increased staff costs in
the US. This expansion is in line with our strategy for growing the Group
organically and whilst this can affect the short-term profits of the business,
we feel it offers the best shareholder value in the long term.
At the end of this financial year we now have new offices operating and
contributing in Washington DC, Dubai, Hamburg and Singapore. The Group is
delivering on its strategy to pursue high-end business and Air Partner's track
record and skill at providing Governments around the world with high quality
aircraft charter is extremely encouraging.
Current trading is in line with this time last year, which in view of reducing
lead times is encouraging.
I feel that, in this light, your Company's performance is particularly robust
and credit must be given to everyone at Air Partner who has worked so hard to
secure these results. Air Partner is better positioned than ever to take
advantage of any improvement in trading conditions.
Tony Mack
Chairman
9 October 2003
Chief Executive's Review
"Providers of Aircraft Charter to Industry, Commerce & Governments Worldwide"
In last year's report, I stated that the Directors were encouraged by the
resilience of the Group during a difficult 12 months and that we would focus on
growth in both our core and our opportunistic markets; additionally we would
strengthen the young businesses and bring our cost base under control. Today I
can report that this strategy remains on track and significant progress has been
made; the Group has become stronger and more robust, despite global markets
being as difficult as ever. Moreover, after the substantial investment in new
ventures at the end of FY 2002, the costs going into 2004 are much reduced.
Whilst air transport companies the world over have been badly affected this
year, we have leveraged our small size and strong liquidity to remain quick and
nimble, seizing the opportunities that arose in this depressed market. Yet
again, we have demonstrated our corporate resilience in these challenging times.
During the first half of the year under review, the threat of impending
hostilities and world crisis hung heavy over the air transport industry, causing
intense unease and placing the business world on hold. Compounding this, the
lack of certainty about impending hostilities meant that our non-commercial
markets were also hampered.
The second half of the year saw a strong recovery, as the start of the Coalition
action removed those uncertainties, and our clients were again able to plan
their future business needs. Since then, Air Partner continues to show a level
of robustness that is out of character with the rest of this industry and our
financial figures are testimony to this.
A difficulty in predicting the future performance of the company has been a
constant theme in our corporate planning since 11 September 2001. This is not
so much from a lack of business, but from changes in the flow rate of business
that make the visibility less clear. Given this ongoing trait, it is important
for shareholders to appreciate that the Directors continue to feel that the
business is strong and able to withstand the buffets of the industry.
At a more detailed level, a review of our main trading units shows how the
business has moved over the past year.
UK: As the centre of the Group, the UK operation handles not only domestic
business but also business derived from international markets where we have no
local office. 60% of the record Group sales of 2002 were handled from the UK;
consequently the market depression had the biggest impact here, with the UK down
30% (year on year) by the end of the first half; however, it recovered strongly
by the year-end. The average margin was slightly weaker due to the amount of new
business and the business mix.
France: The French office network (Paris, Lyon, and Nantes) repeated another
excellent year with sales up 30% and margins also rising locally. This is a
strong and stable business unit, built by a very professional and dedicated team
that are the essence of Air Partner's composition throughout the Group.
Germany: The office in Cologne manages satellite operations in Frankfurt, Vienna
and Hamburg. The division has seen over 60% growth in sales despite a highly
fragmented market; this success makes us the No.1 player in Germany for the
first time. However, the industry downturn has negatively affected margins and
Germany has not contributed to Group profit this year. Despite this, the
division is expected to produce a positive contribution next year.
The US: Because of the difficult market conditions, the additional investment
made in 2002 did not make the returns we had expected; with the market static we
took steps to reduce costs, consolidate offices and change management. The new
operation has successfully grown sales by 25% during this difficult period and
as a result of the changes we start 2004 with a smaller but stronger team, and a
#0.5m reduction in annual overhead.
Switzerland: another commendable year, slightly ahead of target.
Other operations: The Middle East and Singapore are very young businesses,
operating at, or slightly above planned levels, whilst at the same time they
make a significant contribution to Air Partner achieving its global strategy.
Additionally, both our Australian Aircraft Leasing business and our Emergency
Planning Division are profitable and operating to plan.
In each of the 18 offices the Group has three main trading divisions covering
business aircraft, commercial aircraft and urgent freight. Over the past 2
years the growth has come from the commercial and freight sectors, whilst demand
for business aircraft remains static as City markets remain in turmoil. The
Group is well positioned to benefit from any rising confidence in these areas.
Pleasingly the freight division has performed extremely well; just three years
after its creation the division now produces over 20% of Group sales and we
anticipate continued growth from this section of the Group.
As a further pillar to the structure of the Group, a new IT system (called AXIS)
has been rolled out. The system will allow Air Partner, for the first time, to
automatically integrate trading with accounting, both in the UK and throughout
the global operation, securely over the corporate intranet. A number of key
benefits in the areas of marketing, client care, overall efficiency and
overheads will accrue from this upgrade during 2004.
The future: Air Partner enters the new financial year facing an uncertain air
transport market; but, the business is well placed and practiced at reacting to
these conditions, whilst positioning itself to benefit from market improvement,
should better times return. The increasing levels of business derived from the
Government sector, across every country where we have a sales presence, provides
tangible evidence of the progress we have made in moving up the value chain.
The Group\'s core strategy is serving us well and will remain unchanged; your
Directors have real confidence in the professional team that comprises Air
Partner worldwide. The Board's thanks go to everyone at Air Partner for
producing such a powerful performance against the odds.
David Savile
Chief Executive
9 October 2003
Consolidated profit and loss account
2003 2002
Note #'000 #'000
Turnover 1 114,671 100,700
Cost of sales (103,114) (89,940)
Gross profit 11,557 10,760
Administrative expenses (8,869) (6,955)
Operating profit 2,688 3,805
Interest receivable 244 315
Interest payable (73) (91)
Profit on ordinary activities before taxation 2,859 4,029
Taxation (909) (1,218)
Profit on ordinary activities after taxation 1,950 2,811
Minority equity interests (211) (146)
Profit attributable to members of Air Partner PLC 1,739 2,665
Dividends 3 (1,303) (1,728)
Retained profit for the financial year and transferred to reserves 436 937
Earnings per share 4
- basic 18.8p 29.5p
- diluted 18.8p 28.7p
Consolidated balance sheet
2003 2002
#'000 #'000
Fixed assets
Tangible fixed assets 3,120 3,009
3,120 3,009
Current assets
Debtors 12,875 12,621
Cash at bank and in hand 8,955 8,358
21,830 20,979
Creditors: amounts falling due within one year (15,679) (15,554)
Net current assets 6,151 5,425
Total assets less current liabilities 9,271 8,434
Creditors: amounts falling due after more than one year (849) (1,358)
Provision for liabilities and charges (128) (37)
Net assets 8,294 7,039
Capital and reserves
Called up share capital 465 452
Share premium account 1,254 765
Profit and loss account 6,419 5,691
Equity shareholders' funds 8,138 6,908
Minority interests - equity 156 131
8,294 7,039
Consolidated cash flow statement
2003 2002
#'000 #'000
Net cash inflow from operating activities 3,703 2,177
Returns on investments and servicing of finance 30 70
Taxation (960) (878)
Capital expenditure (285) (299)
Equity dividends paid (1,814) (1,049)
Cash inflow before use of liquid resources and financing 674 21
Management of liquid resources 850 (163)
Financing 43 (514)
Increase/(decrease) in cash in the year 1,567 (656)
Reconciliation of net cash flow to movement in net funds
2003 2002
#'000 #'000
Increase/(decrease) in cash in the year 1,567 (656)
Cash (inflow)/outflow from short term deposits (850) 163
Cash outflow from debt and financing 459 514
Exchange adjustments (54) -
Movement in net funds in the year 1,122 21
Net funds at 1 August 2002 6,725 6,704
Net funds at 31 July 2003 7,847 6,725
Notes:
1. Segmental reporting
Profit before tax & Net assets Turnover
interest
2003 2002 2003 2002 2003 2002
Classes of business #'000 #'000 #'000 #'000 #'000 #'000
Air Charter 2,638 3,802 8,181 6,964 113,642 99,383
Travel agency 30 (11) 52 31 1,005 1,284
Insurance 20 14 61 44 24 33
2,688 3,805 8,294 7,039 114,671 100,700
Geographical location Net assets Turnover by destination Turnover by source
(client residence)
UK 6,532 5,529 57,460 54,820 65,960 64,004
Rest of the World 1,762 1,510 57,211 45,880 48,711 36,696
8,294 7,039 114,671 100,700 114,671 100,700
2. Basis of financial information
The financial information presented in the announcement does not constitute
statutory accounts as defined by Section 240 of the Companies Act 1985. The
financial information for the year ended 31 July 2002 is derived from the
statutory accounts for that period, which have been delivered to the Registrar
of Companies. The auditors have reported on those accounts; their report was
unqualified and did not contain statements under section 237(2) or (3) of the
Companies Act 1985. The statutory accounts for the year ended 31 July 2003 will
be delivered to the Registrar of Companies following the Company's Annual
General Meeting.
3. Dividends
The directors have declared a final dividend of 9.1 pence making a total of
13.6p (2002: 12.35p). This final dividend is payable on 1st December 2003 to
shareholders on the register at the close of business on 31st October 2003. The
ordinary shares will be marked ex-dividend on 29th October 2003.
4. Earnings per share
Basic earnings per share is calculated on the basis of profit for the year ended
31 July 2003 of #1,739,000 (2002: #2,665,000) and 9,247,124 shares (2002:
9,048,333) being the weighted average number of shares in issue for the year.
The diluted earnings per share is calculated on the basis of profit for the year
ended 31 July 2003 of #1,739,000 (2002: #2,665,000) and 9,263,886 shares (2002:
9,297,355).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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