10/10/2002
The world's largest corporate air charter broker buoyed followers with an 85% profits leap and a special dividend following a record year to July. Pre-tax profits flew up 85% to £4m on soaring sales 13% higher to £100.7m. This was in what chairman Tony Mack describes as one of the most trying years in his 30 years in the aviation industry. Mack admits the business was hit by 11 September, with many flights cancelled in the US and France in particular. But there was a second half recovery in France. And, although its German subsidiary found business tough, the Swiss and Austrian arms showed an improvement. The aircraft leasing subsidiary set up in Australia last year was profitable, in line with expectations. Furthermore, business in the UK 'excelled', with sales ahead 28% and profits up 48%, and offices have been opened in Washington DC and Dubai. Mack says Air Partner has carried out a lot of flights for the US and European governments. Meanwhile year-end cash was a healthy £8.4m (£8.9m). The shares have climbed stealthily from 235p over the past year or so, and added another 17.5p to 334p on the news. An exceptional performance.
| Market cap: | £30m |
| PE Forecast: | 12.3 |
| Share price: | 334p |
| LSE | £53.13m |
535.00p
|
-5.00p
|
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| Other company articles: |
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