Companies: AIP   

Transport-listed Air Partner (AIP), the world's largest corporate air charter broker, has buoyed followers with an 85 per cent profits leap and a special dividend following a record year to July. James Crux reports.

Pre-tax profits flew up by 85 per cent to £4 million, on soaring sales up 13 per cent to £100.7 million, in what chairman Tony Mack says was one of the most trying years in his 30 years experience in the aviation industry. Mack is paying a final dividend of 8.25p, in addition to a special dividend of 6.75p, giving shareholders a 15p payout.

Mack admitted that the business was hit by 11 September with many flights cancelled in the US and France particularly – but there was a second-half recovery in France. Though its German subsidiary found business tough, the Swiss and Austrian arms showed an improvement and the aircraft leasing subsidiary set up in Australia last year was profitable in line with expectations.

Business in the UK 'excelled' with sales ahead 28 per cent and profits up 48 per cent, and offices have been opened in Washington DC and Dubai. Mr Mack explained that towards the end of the year the firm carried out a lot of flights for the US and European governments, and year-end cash was a healthy £8.4 million (£8.9 million).

The shares have climbed stealthily from 235p over the past year or so and added another 17.5p at 334p this morning, valuing the group at £30 million.