Air Partner – 325p

14 March 2013 – interim results

Air Partner, the provider of aviation services to the industry, commerce and governments worldwide have put out interim results. Market conditions remain difficult, however, the group made progress, with underlying profit before tax rising 8% to £1.3m (2012: £1.2m) on revenues which declined 15% to £102.1m (2012: £120.5m). The group remains debt free and has cash of £17.3m, although this includes JetCard cash of £8.6m, it remains significant compared to the company’s £33m market cap. The dividend was also raised 10% to 6.05p (2012: 5.5p). Despite the current trading environment the group is trading profitably and increasing its dividends. When market confidence returns the group is well placed to benefit. We retain our BUY recommendation to reflect this opportunity.


cityconfidential © 2018 | T&Cs | Privacy | Wealth Warning