Air Partner flies high

By ROBERT LEA
Updated:

 

BUSINESSMEN and women hiring executive jets and the return of merchant bankers flying around on flotation roadshows has helped aircraft charter group Air Partner more than double profits.

Air Partner, the official aircraft procurer for the Queen and her family after the disbanding of the Royal Flight, reported pre-tax profits of £1.2m for the half-year to 31 January, up from £500,000 last time.

Chief executive David Savile said: 'Sales are up, margins are up and costs are down. But it's really only a recovery story from a very poor result last time. This is not a boom market. It's still very tough.'

While the company is still suffering from big corporate customers only making up their minds to charter aircraft at the last minute, Savile said a 15% rise in the executive jet chartering and the return of City types embarking on newissue roadshows is encouraging.

The dividend is going up by 11% to 5p, more than a third of which goes to chairman Tony Mack. The shares today rose 6p to 441p, close to an all time high.

• Darleen Druyun, the former Boeing official at the centre of a $23bn (£12.6bn) scandal surrounding a US Air Force flying tanker deal, is likely to plead guilty to conspiracy next week.

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