28th Apr 2016 08:26
LONDON (Alliance News) - Aviation services company Air Partner PLC on Wednesday said its pretax profit grew 20% in its financial year to the end of January, with higher gross transaction values booked and a hike to its dividend.
Air Partner said pretax profit for the year to the end of January was GBP3.2 million, up from GBP2.6 million a year earlier. The profit growth was held back by the non-recurrence of a tax credit in the previous financial year and a one-off US tax cost item booked in the recent year. Excluding this, underlying pretax profit grew to GBP4.3 million, up 64%.
Revenue for Air Partner grew to GBP49.9 million from GBP37.6 million as gross transaction values for the full year rose to GBP210.8 million from GBP192.1 million.
Air Partner said its broking operations performed well across the board in the year, with a particularly strong year for its Private Jets business. Commercial Jets also delivered higher underlying profit for the year.
The company said it will pay a final dividend of 16.9 pence per share, up 10% year-on-year, taking its total payout up to 24.3p, also up 10%.
"Our full-year performance is a testament to all of those who work at Air Partner and shows that by putting our customer first, we can deliver good trading and positive momentum, the benefits of which we are already seeing in the new financial year. The acquisition of Cabot Aviation and Baines Simmons are exciting opportunities for Air Partner to extend the group's service and product capabilities and should enhance our customer proposition," said Chief Executive Mark Briffa.
The company added its current financial year has started well.
Air Partner shares were up 5.7% to 430.00p early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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