Air Partner falls on update

Shares in aviation group Air Partner took a hit after the firm admitted it has not been immune to the continuing instability in the primary world markets.

However, and despite the difficult background, Air Partner has remained largely stable and has continued to trade profitably.

Revenues from the largest division, Commercial Jet broking, are currently lower than last year, but in line with expectations. Sales within the Freight broking and Private Jet broking divisions have been "encouraging", the firm said, but admitted that it is still too early for this to provide any reliable indication of future financial performance.

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In a statement the firm said: "The group is making progress in its strategic aim of increasing the contribution from operations outside the UK. Our US business continues to show early signs of improvement, as investments made over the last 12 months start to have a positive impact.

"Looking ahead, the board remains cautious in its assessment of prospects for the current year, given the continued economic uncertainty and the lack of visibility characterising the industry.

"Nevertheless, planned investment is continuing, bringing into the team experienced professionals with a strong sales focus and industry-wide connections and the board remains confident in the long-term growth prospects for Air Partner's key markets."

In the past two months trading has remained "satisfactory", with net cash reserves of just over £8m, compared to £7.2m at 31 July.

The share price fell 2.44% to 300p by 14:16.

NR