Companies: AIP   

Shares in Air Partner had moved 15p higher at lunchtime today after the world's largest corporate air charter broker announced full-year figures would top City expectations by 10 per cent, writes James Crux.

Fully-listed Air Partner (AIP) will unveil its full-year results to July 2002 on 10 October. Managing director David Savile claims: 'In some areas of activity we have simply outgrown any downturn in the industry. In others we have seen continued growth. We now expect a substantial increase in our profits for the year, ahead of City expectations.'

House broker Evolution Beeson Gregory had predicted £3.2 million pre-tax, giving earnings of 21.3p. Now that figure is more likely to come in at around £3.52 million pre-tax, for 23.4p a share.

Last year Air Partner made £2.2 million pre-tax on sales of £89.2 million. At the interim stage the company delivered a robust £1.6 million pre-tax – up 28 per cent – on lower sales of £44.8 million (£46.3 million). Earnings leapt 54 per cent to 10.8p a share. These results were achieved against the most challenging market conditions ever seen in the industry following 11 September.

The shares, which have hit peaks and troughs of 337.5p and 145p over the past 52 weeks, rose 15p to 320p by lunchtime on the back of this morning's news. At that price, they trade on 13.6 times City forecasts of 2001-2 earnings.