|The number of people flying around in planes ( currently c1million at any one time worldwide) is scheduled to double by 2030. This leaves AIR with plenty of scope to promote its services and I don't see popstars, footballers or diplomats downgrading there requirements any time soon. I added yesterday and am happy to hold.|
|Good posts fellas ,so thanks for sharing.I like this company , it's been kind to me.
It is very specialised and just sounds well run.I agree with Dozey in that i'm not so sure this is so cyclical. They are focussed on a top end niche business which may be beyond cyclical , indeed renting jets is the avancar of aircraft travel so it's top end but cost effective , broking is all about reputation and presense and they have both . They are closing the circle by buying good quality complimentary busineses. I know this is all very rhetorical but this looks like an interesting niche company that has the energy and drive to keep performing.I'm staying out.
|High net worth individuals are never likely to revert to scheduled flights, and congestion and safety at all major airports are not likely to go away any time soon. AIR is well funded, customer orientated and afik enjoys a good reputation, helped by recent diversification. Just tuck away imo with these spreads.|
|A quick review by Paul Scott.
Share price: 112.3p (down 4.9% today)
No. shares: 52.2m
Market cap: £58.6m
Preliminary results - for the year ended 31 Jan 2017.
Just re-reading my notes from 15 months ago, when I concluded that this share looked quite interesting, with a big dividend yield, and a StockRank of 99 at the time. The share price was 388p then, so adjusting for the 1 for 5 share split in Jan 2017, that's 77.6p in new money. Therefore we've seen a 45% share price rise in 15 months - not bad. Although we're in a roaring bull market, most things are going up.
The main activity of this company is aircraft broking, e.g. private jets for sports teams, HNW individuals, business people, etc. This generates 90% of the profit. There is another, consultancy division, which looks early stage - a distraction maybe? The highlights section shows a good increase in profitability. This looks to have come mainly from improved margins, rather than top line growth:
Underlying EPS of 6.5p seems to be below consensus expectations of c.7.5p. I've done some digging, and the difference is down to a one-off higher tax charge in 2017/17. Stripping out that one-off impact, the results are actually in line with expectations. So that's fine.
Dividends are a particular feature here - the company pays out most of its earnings in divis. The 5.2p divis for 2016/17 represent a fairly attractive yield of 4.6%.
Balance sheet - this looks unusual, since the company receives substantial cash deposits up-front from its JetCard scheme. This is important, because of the £19.8m cash, £15.9m is actually money that belongs to customers using the JetCard. Since the company also says in the narrative that it intends moving this cash into segregated accounts, to reassure customers, then it's essential to ignore the JetCard cash when valuing the shares. Therefore, I would adjust the balance sheet by removing £15.9m cash. The other side of the double entry is to reduce deferred income by £15.9m too. So basically, the enterprise value figure will be wrong, and needs to be manually adjusted in this way. Overall though, the balance sheet looks OK to me.
Outlook - sounds alright, but not exciting; Trading has commenced in line with the Board's expectations and this, together with the pipeline of work for the next quarter, means that we begin the 2017/2018 financial year with a degree of optimism
Valuation - forecasts for the new financial year are unchanged at £6.4m normalised profit before tax. Although a somewhat higher tax charge is expected this year too, so EPS has been trimmed from 8.7p to 8.1p by one broker today. That gives a PER of 13.9, which looks about right to me.
My opinion - it looks OK. We have to remember that this sector is very cyclical, so both profits and share price are clobbered when the economy turns down. For that reason, it's the sort of thing to ditch as soon as storm clouds are seen on the economic horizon. In the meantime though, I can see the attraction of a nice yield, and what appears to be a well-run business. I like the chatty narrative with today's results too - the company seems focused on delivering customer service, and repeat business, which seems very sensible. Overall then, it looks quite a nice company, probably fairly priced.|
|Positive set of results plus 7.2% increase in the dividend
RNS Number : 4770D
Air Partner PLC
27 April 2017
Preliminary results for the year ended 31 January 2017
Air Partner delivers strong full-year profits and good strategic progress.
-- Underlying PBT of £5.1m, an increase of 17.2%
-- Gross margin up 180bps to 14.7% (12.9%)
-- Underlying EPS of 6.5p, an increase of 10.2%
-- Statutory PBT rose by 38.6% to £4.3m after £0.7m of other items
-- Including JetCard, total cash balances of £19.8m (£19.8m)
-- Excluding JetCard, Group cash balances of £3.9m (£3.0m). Net cash of £1.0m (net debt of £0.5m)
-- Proposed final dividend of 3.6p, an increase of 6%, taking the total dividend for the year to 5.2p, an increase of 7.2%, covered 1.3X by underlying EPS
Maintaining a progressive dividend
We are proposing a final dividend of 3.6p, taking the full year dividend to 5.2p, an increase of 7.2% and equivalent to 1.3 times dividend cover. Our policy is to target cover between 1.5 and 2.0 times underlying earnings per share. Cover this year is below that range, due to a £0.4m prior year adjustment for tax that is a one-off occurrence. Subject to approval at the AGM on 28 June 2017, we expect to pay the final dividend on 5 July to those shareholders on the register at close of business on 9 June.
Trading has commenced in line with the Board's expectations and this, together with the pipeline of work for the next quarter, means that we begin the 2017/2018 financial year with a degree of optimism. The Board remains confident that the Group's long-term strategy to become a world-class aviation services group will continue to create shareholder value.|
|A very decent set of results. the company has some way to go with its aim of diversifying the business from aircraft broking which still accounts for 90% of business and where earnings visibility is an issue. The complementary businesses they have bought look to fit nicely, are profitable in themselves and i would imagine highly complementary to providing a sales pipeline to the broking business.
There are more and more planes out there , their footprint is growing , they offer interesting services and are dynamic so they should do at least as well in the future as they have to date.
The accounts read well to me , very credible sounding bunch who have a good track record.
|Air Partner and Camper & Nicholsons International announce strategic partnership - HTTP://www.airpartner.com/en/press-releases/camper--nicholsons-partnership-launch/
Air Partner plc (“Air Partner”), the global aviation services group, and Camper & Nicholsons International (“Camper & Nicholsons”), the global leader in all luxury yachting activities, today announce that they have entered into a strategic partnership, effective immediately.
The agreement will enable the two businesses to leverage each other’s client bases to offer a full suite of private jet and superyacht services, ensuring a seamless and integrated travel experience.
The partnership will provide the clients of both Air Partner and Camper & Nicholsons with a one-stop shop for their luxury air and sea-based travel needs, so that their feet need hardly touch the ground. Both companies are leaders in their industries and are renowned for their expertise and unparalleled levels of service: clients will benefit from the pooling of these resources and capabilities, with every trip guaranteed to be handled with the uppermost priority and attention from start to finish.
Air Partner’s industry-leading Private Jets division charters aircraft and jets up to 19 seats for a broad range of clients, offering the entire spectrum of services from occasional charter to its award-winning and pre-paid JetCard. This flexible model buys clients 25 hours or more of flying time in their choice of six private jet categories, with guaranteed availability and the freedom to exit at any time. The team delivers its Private Jets services from 20 key locations across the world to a global client base that includes HNWIs, royalty, heads of state, conglomerates sports stars and rock stars.
Camper & Nicholsons is the global leader in all luxury yachting activities, specialising in the sale, purchase, charter, marketing, management and construction of the finest yachts in the world. The company has 11 offices centred around the world’s most popular yachting destinations and important financial hubs, including Monaco, London and New York. The business has a long history of building strategic relationships with leading companies which stand for the same level of excellence in their respective fields.
Commenting on the partnership, Mark Briffa, CEO of Air Partner, said: “We are delighted to be partnering with Camper & Nicholsons, a company that shares our values as well as our passion for luxury travel. This agreement is further progress against our clearly defined strategy to optimise, enhance and extend our client offer. At Air Partner, we pride ourselves on always putting our clients first, delivering complex and comprehensive solutions while providing exceptional service.”
Paolo Casani, Managing Director, Camper & Nicholsons International, commented: “It is a privilege to be able to call Air Partner our new trusted partner. In sharing the same goal of providing our clients with the uppermost level of service and the ultimate luxury experience, this partnership will enable our two companies to work hand-in-hand, going above and beyond in offering our clients some truly unique packages. I am excited to see how our synergy will spark something very special for our clients.”|
|GAMA Aviation results said Europe Air had challenging market conditions and revenue down 5.1% gross profit down 21.6%. The division also incurred foreign exchange losses as it is affected by any material foreign exchange movements, primarily between GBP and USD.|
|Maybe, but perhaps somebody knows something lurking in the undergrowth that we don't.|
|Top up time?|
|Sounds good, just wondering , how much does a second hand b747 cost. And what commission do they pay?R2|
|Air Partner announces sale of two B747-400s on behalf of China Airlines - HTTP://www.airpartner.com/en/press-releases/china-airlines/|
|Air Partner announces sale of two B737-700s on behalf of Kenya Airways - HTTP://www.airpartner.com/en/press-releases/kenya-airways-sale-of-two-b737-700s/|
|Bought a few of these this mornIng. Financials, business and short term outlook seem favourable to me and better share liquidity may encourage more people in when the full year results are announced. British Bulls have them as a buy on the charts this morning.|
|Cabot Aviation renamed Air Partner - HTTP://www.airpartner.com/en/press-releases/cabot-aviation-renamed-air-partner/
Cabot Aviation, a division of Air Partner plc and a leading aircraft remarketing agent, will be renamed Air Partner with immediate effect.
Air Partner acquired Cabot Aviation in May 2015 and the re-branding is a natural progression in the integration process, reflecting the success to date. Post acquisition, Cabot has been able to offer its clients the benefits of Air Partner’s PLC status (the group is fully listed on the London Stock Exchange), financial strength, culture of best practice corporate governance, financial transparency, international office infrastructure and global supplier network.
Cabot Aviation will become part of Air Partner’s newly-formed Aircraft Remarketing division, holding responsibility for all Aircraft Remarketing (commercial and private), Dry Leasing and ACMI within the Air Partner group globally. The division will continue to operate out of Air Partner’s head office in Gatwick along with its offices in the USA and Singapore, and there will be no change to day-to-day activities.
Commenting on the re-branding of Cabot Aviation to Air Partner, Tony Whitty, Managing Director at Cabot Aviation, said: “The integration of Cabot into the Air Partner group has gone extremely well, and we believe the time is now right to take the Air Partner name and brand. Since the acquisition, we have gone from strength to strength, winning a number of blue-chip customers, and we are now looking to further build on this as Air Partner.”
Mark Briffa, CEO of Air Partner plc, added: “We have been pleased with Cabot’s performance since they came on board back in 2015, and they have become an integral part of the Air Partner family. This move is the next logical step for us as we grow our brand and extend our customer offering in line with our strategy to build a world-class aviation services group.”|
|Just more irrelevant and dull inanity!|
|"You better cut the pizza into four pieces because I'm not hungry enough to eat six".
That seems to be the most relevant old saying here, Masurenguy.|
|Stop bickering you too please!! I keep getting alerts to read it all!
Things are running well here, let's just enjoy it.
|Just another piece of irrelevant nonsense. For every Buy there has to be a Sell on any stock that is listed. The purpose of the split was to improve liquidity and subsequent trading volumes have demonstrated that this objective has been very successfully achieved, as I originally pointed out in post #166.
There is an old saying that when you have dug yourself deeply into a pit then you should stop digging but commonsense like that obviously passes right over your head !|
|M - taking the information in your posts:
The average daily volume prior to the split was 9,489 but over the past week it has increased by 1240% to 117,660
No. of shares sold daily prior to the split 9489/2 = 4,745
No. after the split = 117,660/2 = 58,830
Ergo, more of your fellow holders are selling post split than pre split.
Perhaps you could explain the irrationality and incoherence. The previous lack of substantiation was because it seemed bleeding obvious.|
|You evidently belong to the Trump school of epistemology. You make an irrational statement which, when challenged, cannot be substantiated and so you just respond with obfuscation or denial. You clearly have a very incoherent perspective on things!|
|M - all the evidence you need is in your posts. Wake up man.|
|http://www.warrenbuffett.com/the-reason-buffett-hasnt-split-berkshire-hathaway-stock/For many years, Warren Buffett has argued that lower share prices would bring about a lot of short-term, speculative trading to the stock of his company. In a Warren Buffett biography titled The Snowball, Alice Schroeder, the author, chronicled why Warren Buffett the Oracle of Omaha was strongly against splitting the stock."I don't want anybody buying Berkshire thinking that they can make a lot of fast money," said Buffett to Alice Schroeder. "They're not going to do it, in the first place. And some of them will blame themselves, and some of them will blame me. They'll all be disappointed. I don't want disappointed people. The idea of giving people crazy expectations has terrified me from the moment I started selling stocks."|
|Obfuscation instead of evidence. Daily volumes relate to both Buys and Sells. Once again - please substantiate your claim that "More of your fellow holders decided to sell since the split M."|