Air Partner reports solid second half performance

Eleanor Steed
By Eleanor Steed January 22, 2018 12:49

Air Partner reports solid second half performance

In a trading statement ahead of its scheduled update for February 1, Air Partner has reported a good second half driven by continued performance across all product lines within the broking division, including strong results in the US and in freight. In consulting and training, the forward pipeline remains encouraging, it said.

Underlying pre-tax profit for the financial year ending 31 January 2018 is expected to be not less than £6.4m, which compares to £5.1m reported in the same period last year and ahead of market consensus of £5.9m. The Group retains a strong net cash position.

The Board continues to assess investment opportunities, both organic and acquisition, to enhance or extend its services and capabilities. The board has also expressed its confidence about future prospects.

Most recently, Air Partner announced the sale of 2009-vintage Beechcraft King Air 200 serial number BB-2014. Air Partner acted as the exclusive remarketing agent for the seller Air HH Luftverkehrsgesellschaft mbH Privat Jets.

In 2017, the aircraft remarketing division won and fulfilled a number of mandates, including the sale and delivery of a third Kenya Airways B777-200ER aircraft to Omni Air International; the sale of two B747-400s to Jet Midwest Group on behalf of China Airlines; and the sale of two of Kenya Airways’ B737-700 aircraft, which were then leased back to Kenya Airways for continued operation. The team was also appointed by Saudi Arabian Airlines as its exclusive remarketing agent in respect of 15 Boeing 777-200ERs. It currently has a number of other mandates on a variety of aircraft, including a B787, several ERJ145s and an ATR72-500.

Tony Whitty, Managing Director, Air Partner commented: “We are delighted to have completed the sale of this King Air 200, which was operated from new by Air Hamburg. Over many years Air Partner has enjoyed a very successful relationship with Air Hamburg, chartering its large aircraft fleet for hundreds of hours each year. We a have number of other sales in the pipeline and are looking forward to a busy 2018, fulfilling mandates for new and existing clients.”

Eleanor Steed
By Eleanor Steed January 22, 2018 12:49