StockMarketWire.com - Aviation services group Air Partner scrapped its final dividend for the year, after annual profit plunged 73.5% as the coronavirus hit to the aviation sector led to a £1.9m writedown.

For the year ended 31 January 2020, pre-tax profit fell 73.5% to £0.9m and revenue fell 13.4% to £236.8m on-year.

The total dividend fell 67.9% as the company decided not to recommend a final dividend payment as part of cost-cutting measures to support liquidity.

The company, however, said that performance had improved, with a strong start to 2021, as the first quarter delivered a pre-tax profit of £6.0m.

Looking ahead to the second half of the year, the company said it expected to see a slowdown in repatriation work and freight charter activity as global supply chains recovered. Conversely, private jets bookings were expected to increase, as international airways start to re-open.

At 9:37am: [LON:AIR] Air Partner Plc share price was +1.6p at 72.6p



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