Air Partner shares dip following trading update

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.

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."

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to