Air Partner's performance continues to take off in first half

Air Partner, a global private charter airline provider, unveiled soaring profits for the first half ending 31 July 2016 on Thursday.

The firm’s gross profit rose by 34% year-on-year to £16.1m, reflecting strong trading performance and contribution from its consulting business Baines Simmons.

The group’s underlying profit before tax increased by 35% year-on-year to £3m, with both the firm’s broking and consulting services performing well. Commercial Jets delivered underlying operating profit growth of 18%, private Jets achieved record first half results with operating profit rising 56%, and the consulting division integrated and contributed underlying profit of £0.3m.

The firm’s total cash balance rose 64.2% to £26.4m and net cash, excluding JetCard, rose 273.5% to £5.2m.

Underlying basic earnings per share (EPS) had a year-on-year increase of 30% to 22.3p and basic continuing EPS rose 30.6% to 188p. The firm is split up into broking and consulting services.

Under the firm’s broking division it won sports contracts for the Euros and pre-season Premier league tours including Leicester City and Manchester City.

The firm’s JetCard utilization went up by a record 25%. The card provides customers with 25 hours or motor flying time in six private jet categories with guaranteed availability.

In consulting, the firm won a ten year Isle of Man aircraft registry contract and a number of long-term government and corporate contracts including Britain’s aerospace and defense company BAE systems.

Chief executive Mark Briffa said: "Our customer focused approach is delivering results and this is evidenced by significant contract wins from both new and existing customers. We have entered the second half of the year with confidence and look forward to continuing to develop and grow our services and capabilities across the world."

The firm’s interim dividend rose 10 % to 8.06p.The share price rose 4.57% to 481p at 1510 BST on Thursday.