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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Air Partner Plc | LSE:AIR | London | Ordinary Share | GB00BD736828 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 124.50 | 124.50 | 125.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAIR
RNS Number : 9919Y
Air Partner PLC
14 May 2019
14 May 2019
LEI: 213800JLR6YIRMSCUS98
Air Partner plc
('Air Partner' or the 'Company')
Annual Report and Notice of Annual General Meeting 2019
Further to the release on 9 May 2019 of the Full Year Results for the year ended 31 January 2019, Air Partner plc, the global aviation services group, confirms that the following documents have been published on the website at http://www.airpartner.com/en/investors:
-- Annual Report 2019 -- Notice of 2019 Annual General Meeting (contained within the Annual Report 2019)
These documents will be posted to shareholders (or otherwise made available) on 23 May 2019.
These documents have been submitted to the UK Listing Authority via the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
The 2019 Annual General Meeting will be held at 11:00 on Wednesday 26 June 2019 at 2 City Place, Beehive Ring Road, Gatwick, West Sussex, RH6 0PA.
Regulated Information: The information set out in the Appendix, which is extracted from the Annual Report 2019, is included for the purposes of complying with DTR 6.3.5 and its requirements on how to make public annual financial reports. The information in the Appendix should be read in conjunction with the Company's preliminary results for the year ended 31 January 2019 released on 9 May 2019 which can be viewed at http://www.airpartner.com/en/investors. Together, these constitute the material required by DTR 6.3.5 to be communicated in unedited full text through a Regulatory Information Service.
Enquiries: TB Cardew (PR Advisor to Air Partner) T. +44 (0)20 7930 0777 Tom Allison Alycia MacAskill Joe McGregor T. +44 (0)1293 844 Air Partner 788 Mark Briffa, Chief Executive Officer Joanne Estell
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. For reporting purposes, the Group is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Consulting & Training (Baines Simmons, Clockwork Research and SafeSkys). Commercial Jets 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. 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
Appendix
Statement of Directors' responsibilities in respect of the financial statements
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent company and of the profit or loss of the Group and parent company for that period. In preparing the financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable IFRSs as adopted by the European Union have been followed, subject to any material departures disclosed and explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and parent company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and parent company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and parent company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the group financial statements, Article 4 of the IAS Regulation.
The Directors are also responsible for safeguarding the assets of the Group and parent company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the Group and parent company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors consider that the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and parent company's performance, business model and strategy.
Each of the Directors, whose names and functions are listed on page 47 of the Annual Report confirm that, to the best of their knowledge:
-- the Group and parent company financial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group and profit of the parent company; and
-- the Directors' Report includes a fair review of the development and performance of the business and the position of the Group and parent company, together with a description of the principal risks and uncertainties that it faces.
In the case of each director in office at the date the Directors' Report is approved:
-- so far as the Director is aware, there is no relevant audit information of which the Group and parent company's auditors are unaware; and
-- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Group and parent company's auditors are aware of that information.
The Directors' statements were approved by the Board on 9 May 2019 and signed on its behalf by:
Mark Briffa
Chief Executive Officer
Joanne Estell
Chief Financial Officer
9 May 2019
Principal risks & uncertainties
Category Risk description Impact Controls/processes Strategy to mitigate impact Operational Recruitment Inability Annual performance Customers and retention to management reviews Developing Increased The challenge attract key using best practice and retaining of attracting talent, processes. our people new talent restricting Remuneration Growing and retaining the packages evaluated organically existing key Group's ability regularly against Broadening staff who to market trends. our offer have in-depth grow revenue Investment to knowledge and build a of the deliver on learning organisation business and growth with a focus on industry. strategy. culture, Our people Inability reward and recognition. are our competitive to retain Implementation advantage key individuals of the especially leading to right HR infrastructure. around sector a loss of Talent and succession knowledge, earnings and plan reviews. key customer key customer/supplier Owner: Craig Pattison, relationships contacts. Group HR Director and technical The loss expertise of key in the personnel aviation industry. following acquisitions may impact performance and value.
----------------------- ----------------------- ---------------------------- --------------- Environment Changing market Limited visibility We measure customer Customers and market environment of future concentration and Maintaining Forward visibility bookings may ensure we have brand value No change of air result in a well-diversified charter bookings a cost structure client base across is often measured that does governments and in days or not align non-governmental weeks with market organisations, rather than conditions. commercial enterprises months and and individuals, can as well be materially as across geographic impacted by regions. This allows changes in for financial some 'smoothing' markets, political when instability there are seasonal and natural or events affecting sectorial changes the movement in of people demand. or cargo from Air Partner actively one country seeks to grow the to another. forward visibility of its earnings by investing in the growth of its Consulting & Training division. This will help smooth the inevitable peaks and troughs in the Charter division. We continue to focus on overheads relative to our revenues and take corrective action where necessary. Owner: Kevin Macnaughton, MD Charter ----------------------- ----------------------- ---------------------------- --------------- Environment Market disruption The Group's Invest in our Customers and market The challenge ability to Customer Growing of retaining maintain and First programme organically No change and expanding grow revenue to drive customer customers could be adversely loyalty and improve in a highly affected. retention. competitive Continue to invest environment in with low barriers the roll-out of to entry (in a new CRM/booking Charter). tool to The risk improve the customer of falling experience relative behind to competitors peers. in product Continually review development, technology innovations technology in the sector and innovation, assess standards appropriateness of to Air service or Partner. cost Actively seek effectiveness. feedback and undertake client surveys to ensure we remain responsive to client demands relative to competitors. Actively promote the Air Partner brand through promotion campaigns and our dedicated Marketing division. Owner: Kevin Macnaughton, MD Charter ----------------------- ----------------------- ---------------------------- --------------- Operational IT systems Breach of The Group uses Customers and confidentiality modern IT systems Maintaining Increased cybersecurity and attack and brand value Cyber attacks on the ensures that they seeking to Company's are compromise assets well maintained the affecting and confidentiality, customer upgraded to mitigate integrity service, financial the risk of failure. and performance The latest network availability and and of IT systems reputation. security protocols and the data Systems failure are held on them could result deployed to protect are an increasing in against attack risk. business or loss interruption of data. and The Group has lost revenue. business continuity plans for each of our office locations. Our business resilience is underpinned by our technology and geographical spread, which allow our business
to be operated and maintained from any of our locations. In case of an outage, external contingency arrangements are tested on a regular basis. The Group has purchased specific cyber insurance to mitigate the impact of any cyber-related losses. Owner: Lee Pyle, Head of IT ----------------------- ----------------------- ---------------------------- --------------- Strategic Acquisitions Poor acquisitions Detailed due diligence Broadening and integration lead directly undertaken with our offer Increased Our strategy to appropriately skilled Maintaining is predicated financial personnel, supported brand value primarily damage internally and on organic and indirectly externally growth. to a as required. However, acquisitions loss in shareholder Negotiate appropriate are confidence. representations key to our Financial and warranties growth strategy. performance commensurate with Acquisitions suffers from target's size and are both a goodwill or risk profile. risk and an other Detailed integration opportunity. impairment plans drawn up We may invest charges. with key accountabilities. funds and Newly acquired Post-acquisition resources businesses reviews conducted in acquisitions deliver less to which fail value or require capture key learnings to deliver more investment for future acquisitions. on expectations than anticipated. Owner: Mark Briffa, due to incorrect CEO due diligence or poor execution post acquisition. This risk has increased over recent years as we actively explore a diversification strategy in aviation services. ----------------------- ----------------------- ---------------------------- --------------- Compliance Regulatory Non- compliance The Group has Customers and internal environment, with regulations dedicated legal Developing controls ethics and could result resources and retaining compliance in loss of supplemented by our people Increased The challenge customers external support Maintaining of operating or damage arrangements to brand value in multiple to the ensure the management jurisdictions Group's brand. team fully understands subject to Ethics or current and future many different compliance legal and regulatory and evolving breach causes risk. laws and harm to our The compliance regulations, reputation, aspect including financial of the Group is tax and civil performance a regular agenda aviation authority and customer item at both the requirements. relationships Board and Audit We have c.350 and and Risk employees our ability Committee. in a number to attract During the year, of countries. and retain actions were taken Individuals talent. toward meeting may not all the requirements behave in of the new GDPR accordance which came into with force on 25 May the Company's 2018. values and Owner: Judith Banks, ethical standards. General Counsel We operate and in markets Company Secretary requiring strict adherence to laws such as: bribery and corruption; international trade laws; and General Data Protection Regulation (GDPR). ----------------------- ----------------------- ---------------------------- --------------- Contractual Suppliers Failure of We have an approved Customers and and operators aircraft or list of aircraft Maintaining counterparty Reliance operator chartered that we brand value on third parties by Air Partner. charter on behalf No change for Loss of customers of our clients, delivery of and revenues. ensuring that the services to Loss of earnings best and most appropriate end and cash impact. aircraft is used. clients. Air Partner's Operator approved compliance list is continually with screened, assessed Relevant regulations. and Financial benchmarked to exposure if ensure clients every aircraft fail to pay meets all for Charter our stringent tests, services after as Air Partner well as all third-party has paid the requirements and operators independent assessments. in The Group constantly advance of monitors defaults flight take-off, of which is custom customers and other and practice counterparties in the industry. and incorporates this information into
its credit risk controls. It is the Group's policy that all counterparties which wish to trade on credit terms are subject to an external credit verification process before and during business relationship. Where appropriate, we also aim to use third-party bank guarantees instead of cash deposits. Owner: Kevin Macnaughton, MD Charter ----------------------- ----------------------- ---------------------------- --------------- Financial Financial Loss of earnings. The Group's policy Customers Performance transactions on Maintaining There is foreign currency brand value No change a foreign risk is exchange not to enter into risk as we forward contracts buy and sell until a firm contract goods and has been signed. services in Furthermore, Air currencies Partner considers other than using derivatives Sterling. where Movements appropriate to in hedge exchange rates its exposure to can affect fluctuations in these, particularly foreign the exchange rates. US Dollar The and Euro rates. purpose is to manage There is the currency risks a liquidity arising from the risk in Group's operations. paying operators The Group aims before a flight to occurs or mitigate liquidity before risk payment is by, where possible, received from making payments the client. to operators only once payment from the client has been received. Owner: Joanne Estell, CFO ----------------------- ----------------------- ---------------------------- --------------- Compliance Effective Loss of earnings. Our Risk Management Maintaining and internal control Brand reputation Framework is overseen brand value controls environment and trust. by the Audit and Ensuring Risk No change appropriate Committee; refer and to page 36 of the effective Annual Report to controls and understand our risk management process. frameworks The key learnings are embedded from in our changing the recent accounting business. review are in the process of being adopted and we are where we expected to be at this stage. Controls have been tightened in a number of areas; refer to page 29 of the Annual Report. Owner: Joanne Estell, CFO ----------------------- ----------------------- ---------------------------- --------------- Environment Brexit Financial Senior management Maintaining and market There is loss. and brand value uncertainty Business the Board regularly No change of the outcome interruption. consider the potential and impact of the UK's implications withdrawal from for both the the EU. UK and aviation market While the full following implications the UK's exit and consequences from the EU will (Brexit). not be understood and experienced for some time, the Group continues to regularly monitor the markets and economic indicators in which it trades and is experienced in implementing appropriate mitigating actions. The Group has strong relationships with technical specialists and
regularly liaises with them to ensure that the Group is well placed to react to legislative or other changes that occur because of Brexit. Owner: Kevin Macnaughton, MD Charter; Ian Holder, MD Baines Simmons ----------------------- ----------------------- ---------------------------- ---------------
Related party transactions
The Company had the following transactions with related parties in the ordinary course of business during the year under review.
2019 2018 Trading transactions GBP'000 GBP'000 Subsidiaries --------- --------- Sales to subsidiaries - - --------- --------- Purchases from subsidiaries - - --------- --------- Amounts owed by subsidiaries at period end 10,953 10,409 --------- --------- Amounts owed to subsidiaries at period end (7,179) (3,993) --------- ---------
Outstanding balances that relate to trading balances are placed on inter-company accounts with no specific credit period.
2019 2018 Compensation of key management personnel (being GBP'000 GBP'000 the Executive Directors) Short-term employee benefits 556 831 --------- --------- Post-employment benefits 42 38 --------- --------- 598 869 --------- ---------
In addition to the above amounts, key management personnel who were also shareholders received GBP29,865 of dividends in respect of their shareholdings in the year ended 31 January 2019 (2018: GBP14,454).
The Board of Directors' remuneration in accordance with Schedule 5 of the Accounting Regulations was as follows:
2019 2018 Aggregate Directors' remuneration GBP'000 GBP'000 Emoluments 1,196 1,004 --------- --------- Company contributions to money purchase pension contributions 42 38 --------- --------- 1,238 1,042 --------- ---------
Three Directors (2018: two Directors) were members of money purchase pension schemes during the year.
Further information about the remuneration of individual Directors is provided in the audited part of the Directors' Remuneration Report on pages 71 to 77 of the Annual Report.
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 rns@lseg.com or visit www.rns.com.
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May 14, 2019 07:16 ET (11:16 GMT)
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