Air Partner plc Preliminary Results for the year ended to 31 January 2016 Mark Briffa, CEO Neil Morris, CFO Justin Scarborough, CD&IR 1
Introducing Air Partner Air Partner is a global aviation services group that provides high added value aviation solutions in the areas of aircraft charter and Our leading aviation brands remarketing, specialist travel management, aviation safety & security and crisis & emergency planning From our Headquarters in London Gatwick UK we operate 24/7 year- round and have 20 offices globally, employing 260 people across four continents, serving the needs of industry, commerce, governments, and private individuals 2
Divisional overview COMMERCIAL JETS PRIVATE JETS FREIGHT • Flies fewer than 20 people • Charters aircraft from Learjets to the • Charters airliners from 20 to 500 people giant Antonov 225 • Offers a bespoke service or a JetCard • Used for product launches, sport teams • Time critical door to door delivery and conferences • Typical clients include: Finance houses, service • Typical clients include: Automotive, film and entertainment and high net • Typical clients include: Goverments, worth individuals entertainment, pharmaceutical automotive, engineering and energy • Ad hoc charter and; • Cabot Aviation , a leading Aircraft Remarketing company, purchased in • JetCard , a private jet card programme May 2015 for up to £0.8m with >200 cardholders BAINES SIMMONS SUPPORT DIVISIONS • A world-leading Aviation Safety 24/7 Operations, Travel Management, Emergency Planning consultant • Specialising in aviation regulation, compliance and safety management • Purchased in August 2015 for up to a net cash consideration of £5.3m 3
Full year summary • Underlying operating profit and PBT increasing by 67% & 64% respectively • Underlying EPS 29.7p, up 7%, underlying adjusted 33.0p, up 20% • Final dividend increased by 10% to 16.9p • Underlying net debt £0.5m, equivalent to 0.1x EBITDA • Total cash balances of £19.8m (£18.8m), including JetCard cash of £16.8m (£14.1m) • A strong UK performance, flat in Europe but a decline in the US • 209 JetCards , utilisation up by an impressive 33% • Customer First launched and implemented across Broking • Acquisitions of Cabot Aviation and Baines Simmons enhancing and extending our capabilities and services • Dividend policy to target cover between 1.5 and 2.0 times • A positive and encouraging start to the new financial year 4
Financial highlights January 2016 January 2015 Change (%) Gross Transaction Value (£m) 210.8 192.1 10 Gross Profit (£m) 27.3 22.0 24 Gross margin (%) 12.9 11.5 +150bps Underlying operating profit (£m) 4.4 2.6 67 Underlying operating margin (%) 2.1 1.4 +70bps Underlying PBT (£m) 4.3 2.6 64 Underlying EPS (p) 29.7 27.7 7 Underlying EPS tax credit adjusted (p) 33.0 27.7 19 Final Dividend (p) 16.9 15.4 10 Total cash (£m) 19.8 18.8 +£1.0m Total cash excluding JetCard (£m) 3.0 4.7 -£1.7m Underlying relates to continuing operations and excludes non-trading items and non-cash acquisition related costs 5
Operating profit bridge 399 1,596 (99) (401) 259 4,386 2,632 FY15 Commercial Jets Private Jets Freight Baines Simmons Corporate Costs FY16 6
Cash Flow bridge 745 2,320 691 3,471 (250) (271) (2,331) (159) 4,701 (5,902) 3,015 Jan-15 NOPAT D&A Acquisitions Net bank Working Capex Tax, interest Dividends FX Jan-16 loans capital & other 7
Gross profit by Product 16.0 100% 7% 8% 14.0 90% 7% 14.0 12.5 +12% 80% 12.0 36% 70% 34% 9.4 10.0 60% 8.0 +17% 8.0 50% 6.0 40% 30% 4.0 57% 51% 2.0 1.9 1.5 20% 2.0 0.0 +21% 10% 0.0 0% FY15 FY16 • • Strong performances across all Products Similar gross profit mix by region FY16 vs FY15 • • First time contribution from Baines Simmons Baines Simmons 8% of gross profit Commercial Jets Private Jets Freight Baines Simmons 8
Gross profit by Region 18.0 100% 16.7 12% 17% 90% 16.0 +54% 80% 14.0 27% 70% 12.0 10.9 33% 60% 10.0 50% 7.3 7.4 8.0 40% 6.0 0% 3.8 61% 30% 3.2 4.0 49% 20% 2.0 -17% 10% 0.0 0% FY15 FY16 • • Strong performance in the UK with gross profit UK accounted for 61% of gross profit up by 54% or by 15% excluding Baines Simmons • Europe and US mix reduced • Europe flat year-on-year UK Europe • US down by 17% US 9
Operating profit by Product 3.5 100% 10% 13% 3.0 3.0 2.7 80% 21% +10% 2.4 2.5 40% +202% 60% 2.0 1.5 40% 70% +59% 0.8 0.8 1.0 49% 20% 0.4 0.5 +109% 0% 0.0 FY15 FY16 -0.1 -0.5 -20% • • CJ +10% but up 23% provision adjusted CJ remains our largest division • • Outstanding PJ performance, particularly the UK PJ increased to 40% of operating profit Commercial Jets • Strong rise in Freight Private Jets Freight • Small loss at Baines Simmons Baines Simmons 10
JetCard goes from strength to strength 250 250 20 200 16 200 £16.8m JetCard Numbers JetCard Cash £14.1m 150 12 150 Europe 100 8 US £8.8m £7.6m 100 UK 50 £5.6m 4 50 - - FY11 FY12 FY14 FY15 FY16 0 JetCard cash JetCard numbers FY14 FY15 FY16 • • JetCard cash balances year-on-year have risen The UK has 128 JetCards, a net decline of 10 by £2.7m (19%) to £16.8m year-on-year • • The number of JetCards has risen year-on-year The USA had a successful period with a net by 12 to 209 increase of 10 JetCards, making a total of 52 • • Utilisation up by an impressive 33% Europe ended the period with 29 JetCards, a net increase of 12 or 71% 11
OIL & GAS 14.5 3.0 The oil and gas industries are used to functioning in remote, challenging locations, with precise operating 14.0 2.9 demands and very exacting time considerations. We have unparalleled experience of dealing with extreme 13.5 weather, remote inhospitable 2.8 locations, political issues, civil unrest, and even war Gross profit 13.0 AUTOMOTIVE 2.7 Operating profit 12.5 Whether it’s flying 9,000 dealers and journalists to the exclusive launch of your new marque, 2.6 getting a critical part delivered 12.0 swiftly to your production line, or shuttle flights to get your engineers to work, Air Partner understands 11.5 2.5 your needs from drawing board to showroom floor FY15 FY16 SPORTS It’s all about preparation, performance and results. That’s why so many of the world’s top teams, • Gross profit increased by 12% to £14.0m athletes and sports professionals choose Air Partner as their support • crew Operating profit increased by 10% to £3.0m or by 23% excluding a £0.4m provision in Tour Ops • Strong UK performance, Europe flat REMARKETING • US declined significantly Whether your needs are for commercial, business or private • Cabot forms within the CJ division, the integration has gone well jets, Cabot provides sale or leasing expertise. We also advise clients on • Cabot private jet remarketing launched aircraft acquisition, fleet management and we provide both • Consolidation of wet and dry lease operations dry and wet leasing 12
9.5 3.0 2.5 9.0 2.0 8.5 Gross profit 1.5 8.0 Operating profit 1.0 ON-DEMAND CHARTER 7.5 Whether you need to fly for business 0.5 or leisure, our on-demand charter lets you fly on your own terms, with the aircraft of your choice, and from 7.0 0.0 the airport most convenient to you FY15 FY16 • Gross profit increase by 17% to £9.4m JETCARD Fly whenever you want, to wherever • Operating profit increased threefold to £2.4m you need at very short notice with no peak hour restrictions. JetCard is • designed for busy individuals whose A very strong performance in the UK time is precious yet relish the opportunity to enjoy life's pleasures • Europe experience a decline in gross profit, the US was flat • The operating profit impact in Europe and the US was mitigated CORPORATE CARD by cost management Enabling key personnel of an • organisation to plan their day JetCard success - utilisation up by 33% around work instead of planning work around their travel 13
2.0 0.9 1.8 0.8 1.6 0.7 1.4 0.6 1.2 0.5 Gross profit 1.0 0.4 0.8 Operating profit 0.3 0.6 HUMANITARIAN AID 0.2 0.4 Air Partner’s unrivalled experience, advanced technical support and vast 0.1 0.2 global reach make us the first choice for numerous governments and aid 0.0 0.0 organisations for air charter flights to delver disaster relief and FY15 FY16 humanitarian aid worldwide • Gross profit rose by 21% to £1.9m OIL & GAS AIRCRAFT PARTS • Operating profit doubled to £0.8m AUTOMOTIVE PARTS • Ongoing assistance to government and aid agencies DANGEROUS GOODS HIGH VALUE CARGO • Strong gross profit progression in the UK and Europe, most notably Germany • Gross profit in the US declined TIME CRITICAL Time is money. It’s also reputation – ours and yours. That’s why we provide secure, time critical door-to-door delivery of your cargo to destinations worldwide 24/7 14
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