Air Partner PLC AGM Statement (2322U)

TIDMAIR

RNS Number : 2322U

Air Partner PLC

11 July 2018

11 July 2018

LEI: 213800JLR6YIRMSCUS98

Air Partner plc

AGM STATEMENT

Air Partner plc ('Air Partner' or 'Group'), the global aviation services group, holds its Annual General Meeting today. At the meeting, Mark Briffa, Chief Executive Officer, will make the following statement:

"In our full year results, published on 11 June, we reported that the new financial year had started with a particularly strong performance in Freight and the USA, a flat performance in Commercial Jets, and a slow start for Private Jets UK. Additionally, our more pipeline orientated businesses in Consulting & Training and Remarketing have encouraging order books, which we expect to develop further during the year ahead. I am pleased to report that since that announcement we have seen increased strength in Commercial Jets.

We remain confident about the Group's prospects for the remainder of the year. We have a strong net cash position and while we will incur a material one-off cost of GBP1.3m in the current year as a result of the recent accounting review, we are determined to realise value from that unexpected cost by learning from its findings, implementing changes and being a better and stronger business as a result.

In June we announced the opening of a new Air Partner office in Los Angeles, California, taking our local presence in the USA to four offices. This new office builds on the record performance from our US business over the last year where client numbers rose by 80%. The Los Angeles office will cover the west coast and offer our full suite of Charter services in Private Jet, Commercial and Freight, along with our own brand JetCard product. Los Angeles offers good potential for growth over the next five years as we steadily develop and invest in headcount ahead of customer growth.

We are actively recruiting Charter Brokers across all our products and services in a variety of locations as we steadily increase network headcount over the medium term, most recently expanding our local presence in the USA.

As we always state, the global charter business has consistently been, and will continue to be, a volatile industry. Against this backdrop we manage the business for the long term, with a very clear strategy of alignment to the needs of our global customer base. In line with our clear growth strategy, the Board continues to assess investment opportunities, both organic and acquisition, to enhance or extend the services and capabilities we offer our customers, which will ultimately strengthen and advance our business."

Air Partner will provide a further update before the Group enters its close period on 28 August 2018.

ENDS

 
 Enquiries: 
 Air Partner                           01293 844788 
 Mark Briffa, CEO 
 Chris Mann, Interim CFO 
  Kate Patrick, Investor Relations 
 
 TB Cardew (Financial PR advisor)     020 7930 0777 
 Tom Allison                          07789 998 020 
 Alycia MacAskill                     07876 222 703 
 
 

About Air Partner:

Founded in 1961, Air Partner is a global aviation services group that provides worldwide solutions to industry, commerce, governments and private individuals. The Group has two divisions : Charter division, comprising air charter broking and remarketing; and the Consulting & Training division, comprising the aviation safety consultancies, Baines Simmons, Clockwork Research and SafeSkys, as well as Air Partner's Emergency Planning Division. For reporting purposes, the Group is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Consulting & Training (Baines Simmons, Clockwork Research, SafeSkys and Air Partner's Emergency Planning Division). The Commercial Jet division charters large airliners to move groups of any size. Air Partner Remarketing, which is within the Commercial Jet division, provides comprehensive remarketing programmes for all types of commercial and corporate aircraft to a wide range of international clients. Private Jets offers the Company's unique pre-paid JetCard scheme and on-demand charter. Freight charters aircraft of every size to fly almost any cargo anywhere, at any time. Baines Simmons is a world leader in aviation safety consulting specialising in aviation regulation, compliance and safety management. Clockwork Research is a leading fatigue risk management consultancy. SafeSkys is a leading Environmental and Air Traffic Control services provider to UK and International airports. Air Partner is headquartered alongside Gatwick airport in the UK. Air Partner operates 24/7 year-round and has 20 offices globally. Air Partner is listed on the London Stock Exchange (AIR) and is ISO 9001:2015 compliant for commercial airline and private jet solutions worldwide. www.airpartner.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

AGMGGUQAMUPRGRU

(END) Dow Jones Newswires

July 11, 2018 02:00 ET (06:00 GMT)