Air Partner cargo arm remains a key component
24 / 09 / 2015
Air Partner, the UK-based global aviation services group with a cargo charter division, saw half year gross profit rose by 13% to £12.1m while underlying operating profit and underlying profit before tax doubled to £2.2m.
Mark Briffa, chief executive of Air Partner, commented: "Our first half performance is a great testament to all of those who work at Air Partner and shows that by putting customers at the heart of our business we can differentiate ourselves from our competition and deliver good trading momentum."
Chairman Richard Everitt said of the cargo arm: “Following its improved performance in the second half of last year, it has been pleasing to see our freight division making continued progress in this period, delivering a 52% increase in gross profit to £0.9m and an underlying operating profit of £0.4m compared to a breakeven last year.”
He added: “We have continued our work with government aid agencies to assist in a number of geopolitical crises and in addition, good growth has been seen in our UK, German and US businesses, albeit from a small base. We have benefitted from our continued focus on developing stronger relationships and a good reputation with freight forwarders.
“In addition, our ‘Red Track’ technology has contributed to the success of our AOG (aircraft on ground) business. Freight remains a key component of Air Partner’s aviation service proposition and it is encouraging to see our focus and investments delivering a continued and improved performance.”
In the six months ending July 2015, Air Partner saw the successful acquisition and integration of Cabot Aviation Services, an aircraft remarketing company, for a net consideration of up to £1.1m.
The acquisition of Baines Simmons, an aviation safety consultant, was announced in August for a net consideration of up to £6.0m.