9th May 2019 18:15
LONDON (Alliance News) - Air Partner PLC on Thursday said its profit declined in its most recent financial year on the cost of its accounting review.
Shares in Air Partner closed down 8.3% at 82.50 pence on Thursday.
The aviation services company posted a pretax profit of GBP3.4 million for its year ended January 31, 29% below its GBP4.8 million profit in its prior year.
This was the result of GBP1.3 million of costs relating to its accounting review and associated items, as well as GBP550,000 of abortive acquisition costs which also resulted from the review. In its previous year, the company incurred no accounting review costs and its abortive acquisition costs were lower at GBP307,000.
The company's gross transaction value increased 4.6% to GBP273.3 million from GBP261.3 million, which translated into a 4.2% revenue rise to GBP77.5 million from GBP74.3 million.
The company declared a final dividend of 3.85 pence per share, taking its total for the year up by 1.8% to 5.5p per share from 5.5p per share.
In its current financial year so far, the company has opened new offices and appointed a new chair.
Air Partner Chief Executive Mark Briffa said: "I am pleased to be announcing a robust set of results, which I believe mark a turning point for the group. We have taken the steps required of us to strengthen the business and made significant progress over the last year. As a result, we're reporting good organic growth, with a very strong performance in the US, strong Freight trading, a growing contribution from Consulting & Training and several new office openings. In addition, we have added excellent experience to our board, invested in key management positions and appointed new auditors. This progress now leaves us well positioned to execute our stated strategy for growth."
Related Shares:
AIR.L