Air Partner PLC (LON:AIRA) has upgraded short-term profit guidance and continues its longer-term strategy to build a world-class global aviation services group. Although the broking market brings inherent volatility, the group is international, broadly based and diversified, with a tendency to add more stable income flows from its newer Consulting & Training business. Cash-rich, it is well-placed to add and grow complementary businesses.
Strong second half trading
AIR has upgraded guidance for FY18, now expecting PBT of at least £6.4m, an 8% upgrade to market consensus, and year-on-year growth of 25%. Cash generation remains strong with net cash more than doubling at H118 y-o-y to £10.6m.
Broking performing well
In H1 all lines progressed. Commercial Jets won significant sports contracts, now serving 35 football clubs, and saw strong growth from European tour operations, its extended German automotive contract and airline business. Private Jets grew US clients 70%, JetCard renewals rose 24% and investment in staff flattened profit. H2 benefited from hurricane relief with strong performance in the US and in freight.
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