StockMarketWire.com - Air Partner reported flat underlying profit amid a 'challenging period' for the company following the discovery of an historic accounting issue and the resultant review.  


For the year ended 31 January, underlying pre-tax profits were flat at £5.8m even as revenue rose 4.2% £77.5m.

The charter division performed in line with the prior year, with 'strong' contributions from US and Freight, up 30.2% and 45.3%, respectively, the company said.

The board proposed a final dividend of 3.85p a year, representing a year on year increase of 1.3%, taking the full year dividend to 5.60p, a year on year increase of 1.8%.

The company said challenges in the aviation sector would likely continue in 2019.

'We have a strong portfolio of global aviation services, which provides us with exposure to various sectors and geographies, and our portfolio approach, without any single product or market dominating, helps to mitigate volatility in any one market or product line.  Current trading is slightly ahead of the prior year,' the company said. 


'I am pleased to be announcing a robust set of results, which I believe mark a turning point for the Group. We have taken the steps required of us to strengthen the business and made significant progress over the last year,' said Chief executive Mark Briffa.

'As a result, we're reporting good organic growth, with a very strong performance in the US, strong Freight trading, a growing contribution from Consulting & Training and several new office openings.' 

'In addition, we have added excellent experience to our Board, invested in key management positions and appointed new auditors. This progress now leaves us well positioned to execute our stated strategy for growth.'


At 10:07am: [LON:AIR] Air Partner Plc share price was +5.4p at 87.5p



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