March 15 - UK headquartered charter broker Air Partner has posted "better than expected" first half performance figures ending January 31, 2013.
The charter broker saw total revenues fall by 15 percent year-on-year to GBP102.1 million (USD154.1 million), although its pre-tax profits rose by 8 percent to GBP1.3 million (USD1.96 million).
Freight brokering revenues for the half-year trading period reflected the loss of a large government contract, according to Air Partner, falling 56 percent over 2012 levels to GBP7.9 million (USD11.9 million). Profit before tax remained flat at GBP100,000 (USD150,920), however.
The charter broker reports that it remains debt free and has cash reserves of GBP17.3 million (USD26.1 million).
The company saw its strongest performance in the private jet sector where its revenues grew 12 percent year-on-year to GBP22.7 million (USD34.26 million). Air Partner added that its commercial jets division also progressed in tough trading conditions.
"Difficult conditions continue to prevail, but despite the macroeconomic environment the Group has delivered profitable growth in line with our expectations," commented Mark Briffa, ceo, Air Partner.