Companies: AIP   

Air Partner, the air charter broker to celebrities that boasts a Royal Warrant from the Queen, has flown in with some strong figures for the year to 31 July. The company, which provides aircraft charter to industry, commerce and governments, lifted pre-tax profits almost 30% to £3.71m, sending earnings per share up 31% to 24.7p, on a lower turnover of £100.6m (£115m). In a strong show of consistency, this was tenth year in a row that the company has increased its dividend by at least 10%. This was underpinned by a hike in the cash pile to £9.98m (£8.95m). The final payout rises 10% to 10p, taking the total to 15p (13.6p). Tony Mack, chairman, explained there was a shift in the business mix during the year, towards lower volume, but higher margin activities. Mack says that since the Iraq victory, there has been a slowdown in business in that area. But this has been offset by recovery in Air Partner's more conventional and higher margin commercial business. 'Right-sizing' the group has paid off, especially in the US division, which has moved from losses to healthy profits along with the German business. Mack also claims forward bookings are significantly ahead of this time last year, and flagged up improving business from clients in the financial sector. Well worth holding.