Aviation services group Air Partner (AIR) gained 4.4% to 88.3p as it forecast lower first-half profit but said it continued to see a strong recovery in its private jets division.

For the first half of the financial year, 1 February to 31 July 2021, the company said it now expected to deliver an underlying pre-tax profit of no less than £3.7 million. That compared with a profit of £10.5 million in 2020.

‘Our JetCard product has performed particularly well in the first half of our financial year, with global bookings up 46% and the number of new members up 71% compared to the same period last year,’ the company said.

‘The value of deposits by new JetCard members is also up 130% on the prior year.’

The JetCard programme offers flyers access to private jets at an hourly rate and has been popular with high net worth individuals looking to get away amid the pandemic.

Looking ahead, the company said it remained ‘encouraged by this performance and is optimistic about the prospects for both the Charter and safety & security divisions for the rest of the financial year’.

INCIDENT RESPONSE ACQUISITION

Air Partner also announced that it has acquired Kenyon International Emergency Services, an emergency planning and incident response company, from PT Lobos, for up to $11.7 million.

‘The acquisition will immediately enhance our existing consulting, training and emergency response activities and adds new post-emergency capabilities in incident management, as well as extending our sector reach and global offering,’ the company added.

Canaccord Genuity analyst Gert Zonneveld said: ‘The group is well placed to benefit from the long-term growth trends in aviation. Its Charter and Safety & Security (S&S) divisions will likely perform well as the Group emerges from the pandemic.

‘Today’s earnings enhancing acquisition further supports the group’s strategy to diversify its revenue streams and aviation services portfolio in the coming years, and increase its revenue visibility.’

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Issue Date: 27 Aug 2021