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Aviation News Item: 00949
19th Oct 2009
Air Partner Takes Action to Ease Profit-dip Blow
Source: fly-corporate.com
 Air Partner reacted quickly to the over £2.5 M (€2.7 M) loss suffered by its Private Jet division during the 12 months ended 31 July 2009, by skimming down operating overheads to the tune of £1 M (€1.1 M). The biggest fixed cost to be given the chop was the projected new hangar project.
The Private Jet Broking side of Air Partner's Private Jet business painted a slightly brighter picture. Despite ad hoc charter sales being down 15% and JetCard usage down 21%, both products demonstrated performance above the current industry norm.
Although mid-year figures reveal a general downturn for Air Partner's private jet division, the record profits scored over the last 4 years make these July results appear worse than they actually are.
Whilst the division has clearly suffered due to the recession, with overall private jet sales down 21% to £ 46.4 M (€ 51 M), the company still appears to be in a stronger position than many of its competitors.
With fractional ownership programme operators being those to feel the pinch the hardest, Air Partner Chairman Aubrey Adams expects Air Partner "to benefit from a switch of allegiance over the next 18 months".
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