Air Partner Plc (AIP.L) provided a trading update, ahead of the start of the close period on January 31, 2012.
In early December, Air Partner cautioned that revenues from Commercial Jet broking were lower year on year, but in line with the Board's expectations. Since then, revenues in this division have been below management estimates, as overcapacity has led to significantly greater levels of competition within the sector.
Air Partner noted that private jet broking performance is on target. The company added that despite an adverse macro-economic climate, the division has benefited from existing high net worth clients continuing to travel and new business coming in from a growing number of individuals using private aviation to meet their global travel requirements.
Besides, trading within the Freight broking division has been satisfactory, taking into account the difficult trading conditions. Performance is significantly ahead of last year, but below initial management forecasts, the company said.
Looking forward, according to Air Partner, lower trading revenues, mainly in the Commercial Jet broking division, mean that underlying Group profit before tax for the six months ended January 31, 2012 will not meet the Board's initial expectations.
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