Aviation solutions provider Air Partner saw shares fall on Friday after its interim management statement, in which the group stated that freight broking revenue and overheads were lower than last year, although the firm did say it is trading broadly in line with the board's expectations.
At its Annual General Meeting, Chief Executive Officer of Air Partners Mark Briffa, is scheduled to say: "Air Partner's Private Jet and Commercial Jet broking divisions are performing in line with the comparative period, with a particularly strong performance in the US market, partly as a result of business related to the US elections, offsetting weaker trading in Continental Europe.
"Elsewhere, as expected, following the conclusion of a major contract, Freight broking revenue is lower than last year. Overheads continue to be closely managed, are lower than the prior year and well within management expectations."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group announced that it is continuing to focus on its strategy of developing business in the US market, private jet broking, the oil and gas sector and growing its presence in emerging markets. A significant improvement had been seen in the results of the US operation, the interim statement added.
The board remains cautious in its assessment of prospects for the current year given continued economic uncertainty and what it described as "a lack of visibility characterising the industry".
Air Partners has a market capitalisation of £22.22m and is listed on the FTSE All-Share index.
Shares were down 6.90% to 270p per share at 08:43.
MF
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
