Slowdown in commercial field impacts Air Partner
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Air charter firm Air Partner has reported a weaker performance than expected after seeing poor performance in its commercial jet division.
Its latest trading statement the company said its strategy to move the division away from military contracts is yet to pay off, while its private jet department has seen strong sales in the UK and US.
At 31 July the firm is expected to remain debt free with net cash at GBP19 million, while pre-tax profit for the six months will be a minimum GBP1.1m.
Mark Briffa, CEO of Air Partner said: “Our first half performance has been impacted by a continued absence of material ad hoc projects in the Commercial Jet division, and we are very disappointed with this.
“However we remain confident in our overall strategy which is progressing across the private jet division, oil and gas sectors, tour operating division and in the US. We are proactively addressing our performance and cost base to identify areas for improvement in underperforming areas. While the air charter market can be volatile, the overall market remains robust.”
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