Air Partner H1 pre-tax profit slumps 77%
Tue 16 Mar 2010
AIP - Air Partner
LONDON (SHARECAST) - Private jet firm Air Partner said half year pre-tax profit fell 77% after tough trading conditions both at Air Partner and within the wider aviation sector.
"This economic backdrop particularly impacted the Private Jet Operating Company at Biggin Hill which reported losses and negatively affected the larger group," said Air Parter in a statement.
The group has since decided to close the PJOC and the subsidiary has been placed with administrators.
For the six months ended 31 January 2010 group pre-tax profit slumped to £1m from £4.3m the year before. Revenue for the period fell 7% to £95.0m.
Chairman Aubrey Adams commented, "The board has taken decisive action to reduce overheads and ensure that the group is well positioned to return to growth as the market starts to improve.
Looking ahead Adams noted, "The air charter market remains extremely challenging, but we are seeing tentative signs of some recovery in the fourth quarter."