7 December 2012 – AGM and interim management statement
The company has announced a trading update with regards to current performance and the outlook for the current year. Its Private Jet and Commercial Jet broking divisions are performing in line with last year, with a particularly strong performance in the US market offsetting weaker trading in Continental Europe. Freight broking revenue is lower than last year following the end of a major contract. Overheads are being closely managed and net cash is over £10m, which is significant relative to the size of the business. We rate the shares as a BUY.