Full year results for the 12 months ended 31 July 2008 from Air Partner, the Private Jets, Commercial Jets and Freight group, were nothing short of solid.
Highlights included profit before tax up 21% to £9.2 million on revenues of £251.3 million, up 35%. Net cash increased 7% to £20.8 million and the company said it would raise the full year dividend by an impressive 70% to 22.6 pence. Perhaps best of all, Air Partner reiterated that it has no debt.
The company also reported that current trading in the first quarter “remains on target”, however, it was essentially one line in the results that investor’s honed in on. “Forwards are significantly down, driven by poor visibility from recent economic turmoil.”
David Savile, Chief Executive of Air Partner expanded, stated that a combination of oil price volatility humbling many airlines combined with “huge growth” in the private jet sector, Air Partner is finding it “more difficult than ever” to predict the future of the aviation industry.
“The business world today has clearly changed since our year end, and a total loss of confidence in the financial markets for three long weeks will leave its mark on every business. In spite of this, the first two months of trading has held up better than expected, but forward Commercial Jet business is significantly reduced from the comparable period,” the company stated.
Air Partner fell 23.4%, or 150 pence to 490 pence giving the company a market capitalisation of approximately £50 million.