PRIVATE JET hire firm Air Partner said yesterday underlying profits were up 31 per cent in the year to 31 July, despite a three per cent fall in revenues.
The firm posted revenues of £220.6m and profits excluding one-off costs to £4.2m.
The company’s JetCards, which allow customers to book flights on a pre-paid account, attracted 35 per cent more members than last year.
But freight revenues were down 52 per cent to £12.5m, reflecting the end of a large contract last year. Despite the slump, Air Partner said its “Sochi Express” service, which has been shuttling equipment to the Winter Olympics city ahead of the Games, has also proven popular.
“We are very pleased to be reporting a strong set of results with good progress in the US and good client wins in tour operating, the natural resources sector and across our private jet products as our strategic initiatives deliver,” said chief executive Mark Briffa.
Shares in the firm closed down 1.24 per cent at 437p yesterday.
“Management’s strategy appears to be delivering the desired structural growth,” said Liberum Capital analysts in a note.
“With current trading positive and in line with management’s expectations, we expect no material changes to consensus estimates.”