Air Partner Share Discussion Threads

[trident5] 04/1/2019 10:43

How does Briffa get an LTIP award after the accounting shenanigans last year and now these revelations?

[venek] 04/1/2019 10:37

Whats is odd is the Baines Simmonds MD isn't actually listed as a Director! His predecessor was but he was an interim for 2.5 years! Their only two Directors are the Air Partner CEO and the last of the original founders.

[venek] 04/1/2019 10:12

Thanks! I also noticed they have terminated 2 directors at Baines Simmons in the last 12 months and 2 company secretaries.

[sharw] 04/1/2019 10:12

The situation is even worse - Gazette notices of compulsory strike off are now being issued for five of AIR's subsidiaries:

Cabot Aviation Services Limited
Air Partner Consulting Limited
Baines Simmons Limited
Aviation Compliance Limited
Clockwork Research Limited



gives [e-mail] and I have emailed this asking what is going on but have not so far had a reply. Others here may wish to do the same.

[trident5] 04/1/2019 08:59

Late filing at CH is a bad sign, that late is very bad. Good spot venek.

[venek] 03/1/2019 22:52

It was the parent company's accounts that had the previous problems, which they claimed in June 18 was all due to historic problems from 2010/11 in the charter business.

Do you think there due diligence on purchasing the two companies (Aug 15 and Dec 16) was THAT bad? If so, you would wonder if they were good investments! though the bid fall in training business since does make me wonder.

And besides,AP have issued last year's parent company accounts, which includes the results of the subsidiaries. So, if thats the reason they would have to re-file the parent company accounts. That would not be good for investor confidence.

[pvb] 03/1/2019 22:39

Just a guess, could a delay be because AIR are going over the accounts with a microscope? I doubt they want any more surprises!

[wilmdav] 03/1/2019 22:37

It would seem then that a company 100% acquired by another has to continue to provide accounts to Companies House. That is a surprise to me.

[venek] 01/1/2019 16:05

Two subsidiaries, Baines Simmons and Clockwork Research, are now both 2 months over the deadline to file annual accounts


They have issued a video which shows training has slumped to "4000+"
When AP bought Baines Simmons the company had trained 120,000 in 14 years (averaging twice last year's numbers)
hxxps://www.airpartner.com/en/latest-news/acquisition-of-baines-simmons-ltd/
Could this be a sign of the increasing competition that the last published Baines Simmons annual report warned?

[pvb] 31/12/2018 12:49

No news is... no news! ;-)

This seems out of favour at the moment. Perhaps not too surprising given the increasingly precarious global outlook and the 'little local difficulty' earlier in the year.

[trident5] 28/11/2018 16:14

Why aren't they buying more?

Maybe it's because they just get given them - even after the appalling shenanigans that we saw earlier this year.

Gives new meaning to - the buck stops here.

[lbo] 28/11/2018 15:57

Why aren't the Directors buying more?Gold Investors Target Executives With Less Skin in the Game https://www.bloomberg.com/news/articles/2018-11-27/coalition-of-gold-investors-says-exec-ownership-key-to-returns

[thorpematt] 06/11/2018 10:47

A businessman was interviewing applicants for the position of auditor. He devised a simple test to select the most suitable person for the job. He asked each applicant the question, "What is two and two?" The first interviewee who had a background in journalism answered "Twenty-two."

The second was a social worker. She said, "I don't know the answer but I'm glad we had time to discuss this important question."

The third applicant was an engineer. He pulled out a slide rule and showed the answer to be between 3.999 and 4.001.

The next person was a lawyer. He stated that in the case of Jenkins v. Commr of Stamp Duties (Qld), two and two was proven to be four.

The last applicant was an auditor by profession. The business man asked him, "How much is two and two?" The auditor got up from his chair, went over to the door and closed it, then came back and sat down. He leaned across the desk and said in a low voice, "How much do you want it to be?"

He got the job.

[lbo] 29/10/2018 10:44

GAMA aviation have come out with a profit warning

[sharw] 26/10/2018 18:16

Valhamos has already replied but this is still being posted so let's just re-read this from the outgoing auditors (who failed to spot the problems):

"Except for the adjustments to the corresponding figures in the condensed set of financial statements that we might have been aware of had it not been for the situation described above, based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 July 2018 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority".

The warning is for the comparative period, which we already knew about, so what's the story?

[lbo] 26/10/2018 14:04

https://economia.icaew.com/news/october-2018/auditor-warning-does-not-deter-air-partner-dividends

[robinnicolson] 26/10/2018 12:48

IMHO AIR looks good value. Based on last night's closing price, AIR has a PER of 11.1, dividend yield of 5.6% and an extraordinary FCF yield of 25.3% (Sharescope data)

[gostevie63] 26/10/2018 12:44

Blimey, what caused the sudden drop?

[spacedust] 26/10/2018 12:29

Oh dear. A bit over done????

[valhamos] 25/10/2018 19:03

Not helped by this either:

"Air Partner lifts dividend despite continued auditor warning"



which neglects to point out:

1) that the 'continued warning' is merely repeating what they said before because it only relates to what is now the comparative period and once this year is out of the way they will not be repeating it.

2) it was in respect of an issue that Deloitte if they were doing there job properly should have spotted years ago. The comment "Auditor Deloitte raised a series of red flags" is really a bit rich.


Inevitably any company that has accounting irregularities has to do time for a year or two until confidence returns, but today's results were reasonably good.

[goldry] 25/10/2018 18:00

Results looked reasonable to me given recent history and of course share price dropped. Not helped by headlines such as the one below."Air Partner Interim Profit Falls On Higher Costs Despite Revenue Rise"

[pvb] 25/10/2018 17:29

Half year results out:



2.9% increased interim dividend of 1.75p

[dontay] 20/9/2018 18:17

Yep, credibility issue is right. Confirms to me why a highly respected FO suddenly left... rats and sinking ships springs to mind. I sold out of it on the spike back to the 120's just after the accounting issues report. It came close this am but not quite close enough yet for me to consider it a buy back opportunity... if it gets a tad nearer to 100p... I'll be back in.

[trident5] 20/9/2018 13:16

Real credibility issue here - I wouldn't touch this with a bargepole now.