Air Partner Plc News - March 2009
| Date | 25.03.2009 |
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Air Partner PLC (“the Group” or “the Company”) results for the six months ended 31 January 2009
Highlights:
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* Sales |
Down 2% to £107.1m (H1 2008: £109.4m) |
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* Profit before tax |
Down 17% to £3.2m (H1 2008: £3.8m) |
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* Diluted EPS |
Down 2% to 24.5p (H1 2008: 25.1p) |
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* Proposed interim dividend |
Up 10% to 8.1p (H1 2008: 7.4p) |
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* Cash |
Up 54% to £22.1m (H1 2008: £14.3m) |
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* Group remains debt free |
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* Trading environment deteriorated throughout Q2 |
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* Private aviation services market has reduced, but long term drivers remain in place |
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* Diversification strategy provides resilience |
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* Clients increasingly insistent on quality and financially sound providers of aviation services |
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* Group well placed to participate in any market opportunities that may arise |
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* Current trading remains difficult with reduced visibility and shorter lead times |
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David Savile, Chief Executive of Air Partner commented: “The team at Air Partner has worked hard to produce these results in extremely tough trading conditions. Air Partner’s experienced management, strong cash position, zero debt, good cash-generation and excellent dividend growth all position the Group for the difficult trading environment we are currently experiencing. The board remains confident in the long term drivers and prospects of the Group.”
