Pandemic-induced private jet boom offsets Air Partner’s travel challenges
Air Partner expects its profit before tax to be “materially” ahead of market expectations this year, despite ongoing pandemic restrictions battering the travel industry.
Shares lifted 4.2 per cent to 85.5p per share by close of play
The aviation services group has been buoyed by the “exceptional” demand in freight, in the year to 31 January, 2022, which has helped transport millions of Covid-19 vaccines amid the global immunisation push.
However, the pandemic-induced boom in private jets has also carried Air Partner, it said in its full year trading update today, a trend which has spiked among the wealthy in both the UK and the US.
The trend was so strong that it managed to offset the sustained challenges in aviation due to global travel restrictions and concerns over health and safety, Air Partner said.
The group remains in a sturdy position as a result, with net cash swelling by nearly £3m since the end of July, to a total of £12.7m.
Air Partner has also already paid off the £5m for its Kenyon International Emergency Services acquisition – which offered good news to investors today.
“The board continues to view the future with confidence, in spite of the challenging backdrop created by the pandemic,” the group said in a statement.