24 April 2012 – interim management statement
The company has issued a trading statement ahead of its AGM later today. This is rather mixed and after adjusting for fuel prices, revenues declined by 1% in the first quarter of the year, mainly due to lower revenues from Flight Support. Nevertheless, the board remains confident that 2012 will be a year of progress although this will be rather muted due to the uncertain economic climate. As we believe that there is better value elsewhere in the market, we reduce our recommendation to HOLD.