11th Jun 2018 18:23
LONDON (Alliance News) - Aviation services group Air Partner PLC said Monday that it had recorded an increased annual profit due to improved performance in the US and in its freight activities.
Shares in Air Partner were suspended on Monday due to a delay in publishing its results. This was caused by an accounting review. Shares in Air Partner last closed at 100.45 pence.
For its financial year ended January 31 the company said pretax profit rose 20% to GBP4.8 million from GBP4.0 million the year before.
Gross profit from freight broking more than doubled to GBP3.4 million from GBP1.1 million the prior year while gross profit in the US jumped to GBP6.2 million from GBP3.8 million.
Air Partner's annual revenue was GBP48.5 million, up 14% from GBP42.5 million a year earlier.
The company has declared a final dividend of 3.8 pence per share, taking the total payout for the year to 5.5p, up 5.8% year-on-year from 5.2p.
The company underwent an "unwelcome, challenging and costly" accounting review in April that will incur a GBP1.3 million cost in the current financial year but despite this challenge the company had a positive outlook.
"The pipeline ahead is healthy across all our divisions," said Chief Executive Mark Briffa. "The accounting review announced in April has concluded, the issue is resolved and we are now well placed to move forward."
Related Shares:
AIR.L