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.

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."

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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