Cutbacks bumpy for Air Partner

By ROSS DAVIES
Updated:

 

CITY spending cutbacks are hitting corporate plane charter broker Air Partner where it hurts as fewer companies come to market and so hold off jetting around Europe and the US on roadshows to woo potential investors.

Shares in Air Partner lost 70 1/2p, or almost 19%, to 307p as chairman Tony Mack warned that this year's profits will be 'significantly' reduced by 'lack of confidence and activity' in world financial markets, which is eating into the group's UK business.

'We have seen cutbacks like this before, like when the Asian economy faltered, but air charter bounces back quickly once confidence returns,' Mack said.

New offices in New York, Zurich and Vienna should make 2001 less bumpy than otherwise. Pre-tax profits rose 38% to £1.2m in the six months to 31 January on turnover 42% ahead at £46.3m, while earnings per share are 30% to the good at 7p and the interim dividend rises 0.1p to 3.7p.

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