Air Partner reports strong first half trading results with its broking and consulting divisions both performing well.
Gross profit rose by 34% to £16.1m while underlying operating profit and underlying profit before tax increased by 36% and 35% respectively, reflecting the Group's strong trading performance.
Reported pre-tax profit rose by 39% to £2.6m after a charge of £0.4m relating to amortisation of acquisition related intangibles and restructuring costs. This strong performance is reflected in the group's underlying basic earnings per share increasing by 30% to 22.3p. The group said this strong performance resulted not only from improved trading in the broking business, but also encouraging performances from its consulting business, Baines Simmons and its remarketing business, Cabot Aviation.
It says: "In our Broking division, there were outstanding performances in Private Jets, which increased its underlying operating profit by 56% to £1.5m (2015: £0.9m) and Commercial Jets, which increased its underlying operating profit to £2.0m (2015: £1.7m), despite not benefiting from a significant Oil & Gas contract that was completed in the comparative period."