Full Year to 31 July 2011 Presented by Mark Briffa, CEO Gavin - PowerPoint PPT Presentation

Full Year to 31 July 2011 Presented by Mark Briffa, CEO Gavin Charles, CFO

Overview • Strong results in a difficult trading environment • Focus on core broking producing results • Significant new contract wins • Investment in people & skills • Strategic progress made in territories, markets & products • Contribution from non UK offices growing Slide 2

Financial highlights • Revenue up 23% £282m • Profit before tax up 93% £5.3m • Gross profit margin up 0.5 % pts 9.2% • Full year dividend up 10% 16.5p • Cash (39%) £7.2 Slide 3

Operational Highlights • CJ particularly strong • Sales staff recruited in: Austria, Monaco, Russia, Spain, Ukraine & USA • Time Critic a l product launched in the UK • Success in sub leasing • Further recognitions of excellence: Royal Warrant & Sunday Times Best Companies star rating • BRIC research continues Slide 4

Financial review Slide 5

Income statement £m 2011 2010 Change (restated) Revenue 281.9 230.0 23% Gross profit 25.9 20.1 29% Profit before tax 5.3 2.7 93% Discontinued operations 0.7 (4.4) Taxation (1.9) (0.0) Profit / (loss) for the period 4.1 (1.7) Dividends (interim and final - pence) 16.5 15.0 10% Slide 6

Balance sheet 2011 2010 Change £m (restated) Non current assets 3.2 3.4 (4%) Debtors 44.9 41.8 7% Cash 7.2 11.7 (39%) Other current assets 0.1 0.1 Total assets 55.4 56.9 (3%) Current liabilities (42.6) (45.9) (7%) Net assets 12.8 11.0 16% Slide 7

Group cash flow 2011 2010 £m (restated) Operating profit 5.3 2.6 Depreciation, amortisation & impairments 0.5 0.6 Movements in working capital (5.9) (3.8) Tax, interest and other (1.3) (0.1) Discontinued operations (0.6) (1.3) Net cash flow from operating activities (2.0) (2.0) New office expenditure (0.6) (0.0) Dividend payments (2.1) (2.3) Other 0.1 (0.1) Net decrease in cash (4.6) (4.4) 8 Slide 8

Cash position (£m) 12 10 8 6 31 July 2011 4 2 - 2009 2009 2009 2009 20-Jul 27-Jul 03-Aug 10-Aug 17-Aug 24-Aug 31-Aug 07-Sep 14-Sep 21-Sep 28-Sep Slide 9

Revenue (£m) 300 250 200 150 100 50 0 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Slide 10

Revenue by client sector (£m) 180 160 140 120 100 2009 2010 80 2011 60 40 20 0 2009 2009 2009 2009 Govt Corporate HNWI Slide 11

Divisional split of revenue 2010 2011 8% 11% CJ 15% 24% PJ 50% Freight 60% 14% Other 18% Slide 12

Revenue by territory 2010 2011 2% 2% 5% 6% UK Europe 31% 34% USA 58% 62% Other Slide 13

Divisional review Slide 14

Commercial Jet Broking 180 4 160 3.5 140 3 120 2.5 Revenue £m Revenue PBT £m 100 2 80 1.5 PBT 60 1 40 0.5 20 0 0 2009 2010 2011 • H1 success securing wide bodied capacity • 12,000 people evacuated over a 6 week period • Continuing success in NGO & Government sector • Niche Tour Operator business performing well • C & I market showing early signs of recovery Slide 15

Private Jet Broking 45 1.4 40 1.2 35 1 30 Revenue £m 0.8 PBT £m 25 Revenue 20 0.6 PBT 15 0.4 10 0.2 5 0 0 2009 2010 2011 • High levels of capacity & competition • Increased sales recruitment • JetCard sales increased by 82% • Market showing slow signs of recovery Slide 16

Freight Broking 60 0.8 0.7 50 0.6 40 0.5 Revenue £m PBT £m Revenue 30 0.4 PBT 0.3 20 0.2 10 0.1 0 0 2009 2010 2011 • Transition post contract completion • Industrial & commercial clients up by 19% • Freight launched in US with strong results • Time Critical Logistics launched in the UK Slide 17

Other divisions 30 2 25 1.5 20 Revenue £m PBT £m Revenue 15 1 PBT 10 0.5 5 0 0 2009 2010 2011 • Recent investment programme showing results • Total revenue up by 59% • Fuel team won a number of major contracts • Step change in sub leasing revenue • Political instability driving demand for emergency planning Slide 18

Strategy

Group Strategy Investment in people and infrastructure Supplier Geographic partnerships expansion Focus on core broking Products: a Diversify total solution client base Slide 20

Delivering against our strategy • 28 new staff - 21 are sales focused Investment in people & • Development of Talent Management programme infrastructure • 2012 implementation of new system • Increased JetCard sales from international offices Geographic expansion • Research into BRIC territories • New offices in Los Angeles and Monaco • New clients in Tour Operator, Sports and Oil & Gas Diversify client base • Significant contract wins in Automotive and Transport • Growth in industrial & commercial markets • Time Critical product Products: a total solution • iPhone app unveiled • Continuation of product roll out across group • Agreements in place with Air Caraibes and CitationAir Supplier partnerships • Continue to identify opportunities with operators Slide 21

Air Partner today • Clear strategy to invest for future growth • Revenues and profits growing • No debt, good cash position • Increased front line staff driving increased sales • Highly experienced aviation professionals • Plc Board strengthened; search for chairman in hand • Group diversified by geography, products & clients Slide 22

Outlook

Outlook • Strong set of results • Unique shortage of wide bodied capacity & Arab spring work unlikely to recur • Current trading satisfactory • Remain cautious due to economic uncertainty • Visibility still very limited • Group well positioned for long term Slide 24