Interim Results For the half year to 31 July 2019 HALF YEAR RESULTS PRESENTATION - OCTOBER 2019
DISCLAIMER Certain information included in this presentation is forward looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward looking statements. Forward looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and Air Partner plc’s plans and objectives for future operations. These may include, without limitation, discussions of expected future revenues, financing plans, expected expenditures, risks associated with changes in economic conditions, the strength of the aviation markets in the jurisdictions in which the Air Partner group operates, changes in exchange and interest rates. Forward looking statements can be identified by the use of forward looking terminology, including, but not limited to, terms such as "believes", "estimates", "anticipates", "expects", "forecasts", "intends", "plans", "projects", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. Forward looking statements are not guarantees of future performance. All forward looking statements in this presentation are based upon information known to Air Partner plc on the date of preparation of this presentation. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward looking statements. Additionally, forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), Air Partner plc undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws. HALF YEAR RESULTS PRESENTATION 2 - OCTOBER 2019
Mark Briffa Group Chief Executive HALF YEAR RESULTS PRESENTATION - OCTOBER 2019
FINANCIAL HIGHLIGHTS Gross profit of £17.2m in line with the prior year • Underlying PBT of £3.0m (PYR: £4.2m) down on the prior period by 29.5% 1 & 2 • Statutory reported profit up by 6.8% to £2.8m (PYR £2.6m) • Net cash to bank debt (excluding JetCard cash) increased to £4.3m from £2.0m at 31 January 2019 • Underlying EPS of 4.3p, down 30.6% (H1 2018: 6.2p); • Statutory EPS of 4.1p up 13.9% (H1 2018: 3.6p) • Interim dividend increased to 1.80p (PYR 1.75p), signalling confidence in year end out turn • Administration expenses 1 up £0.9m reflecting the investment made in: • Opening two new offices to expand the global footprint ➢ Strengthening the senior management team and the overall control environment ➢ 1 Stated before exceptional and other items but including net impairment on financial losses 2 The adoption of IFRS16 has decreased both underlying and statutory profit before tax in the current period by £0.1m HALF YEAR RESULTS PRESENTATION 4 - OCTOBER 2019
OPERATIONAL HIGHLIGHTS Consulting & Training gross profit up 7.6% to £2.1m • US gross profit of £3.7m up 18.2%, driven by strong performance in private Jets • Consulting & Training contributes 12.4% to the overall gross profit and increasing (PYR 11.4%) • Charter division slightly down on the prior period at £15.0m (PYR £15.3m) • New office openings in Singapore and Houston, with an office in Dubai planned for the second half of the year • Investment in people with senior appointments at Management and Board level • Strong forward order book for next financial year • HALF YEAR RESULTS PRESENTATION 5 - OCTOBER 2019
A GLOBAL AVIATION SERVICES GROUP Blue Chip Global Customer Base • Airline Operators • Military & Civil MANAGED CONSULTING CHARTER SERVICES & TRAINING • Regulators • Airports • Oil & Gas REGULATORY & COMPLIANCE • Sports PRIVATE JETS • MICE WILDLIFE Group • Corporates HAZARD Charter* MANAGEMENT, FATIGUE RISK ATC MANAGED MANAGEMENT • Individuals JETCARD FREIGHT SERVICES A V I A T I O N S A F E T Y HALF YEAR RESULTS PRESENTATION 6 HALF YEAR RESULTS PRESENTATION * Group Charter was previously known as Commercial Jets - OCTOBER 2019 - OCTOBER 2019
STRONG GEOGRAPHIC PRESENCE Founded in 1961, Air Partner is an aviation services group that provides worldwide aviation charter, consulting and training services to industry, commerce, governments and private individuals and across civil and military organisations. Operating 24/7, 365 days 14 offices globally AIR PARTNER OFFICES c.350 employees globally GATWICK | FAIROAKS | LONDON | NEW YORK | FORT LAUDERDALE | HOUSTON | WASHINGTON D.C. LOS ANGELES | PARIS | COLOGNE | SINGAPORE | MILAN | ISTANBUL | VIENNA HALF YEAR RESULTS PRESENTATION 7 - OCTOBER 2019
LONG TERM GROWTH STRATEGY Progress achieved in the first half of the year • Putting customers first, to provide an exceptional tailored ✓ Feefo Gold Standard Award for C&T service across the Group ✓ Opened new offices in Houston & Singapore • To broaden the portfolio of aviation services we offer, reduce Charter volatility and improve quality of earnings ✓ Upskilled key management positions including new Board level appointments • To grow both organically and through acquisitions ✓ Continue to roll out our new CRM and booking tool • To invest in the future: in our people, processes and ✓ Currently rolling out our new brand standards infrastructure including investing in a new website in readiness for next financial year • To maintain our strong brand identity and unite our businesses across divisions ✓ We are committed to our acquisition strategy and continue to assess a pipeline of opportunities • Manage the business for the long term, delivering returns to shareholders through a progressive dividend policy HALF YEAR RESULTS PRESENTATION 8 To build a world-class, global aviation services group - OCTOBER 2019
STRATEGY IN ACTION 2010: Military contracts Acquisition of Cabot > 60% of profits (Air Partner Remarketing). New York office opened New offices opened in Acquisition of Baines Acquisition of SafeSkys Houston & Singapore Simmons. Customer First New Finance System (Dubai – late 2019) initiative launched 1 into 5 share split 2019: No one customer > 10% Gross profits 2015 2016 2017 2018 2019 Acquisition of Clockwork. Upskilling of key positions 83.7 % Baines Simmons wins 10 and Board capabilities year Isle of Man contract. Processes & controls New dividend policy upgraded announced Los Angeles office opened Accounting Review Total Shareholder Return as at 31/01/2019 HALF YEAR RESULTS PRESENTATION 9 HALF YEAR RESULTS PRESENTATION - OCTOBER 2019 - OCTOBER 2019
AIR PARTNER: KPI’s Growing Organically: Developing and retaining our Maintaining and enhancing our Putting our customers first Broadening our offer Strengthening our core people brand identity business Roll out of new Air Partner Continued roll out of Gross profit for Singapore office opened Senior Management team • • • • • brand - unifying the Group CRM & booking tool. Will Consulting and Training with a focus on Freight and upgraded – New MD of under one brand umbrella improve customer increased by 7.6%. Remarketing Charter for UK and Europe experience/ information recruited in April 19 Website development requests and facilitate Consulting & Training US footprint increased with • • • continues to take place in cross selling contributes 12.4% to launch of Houston office Board refresh – New • preparation for new website opportunities for the Group gross profit and Chair/Audit Committee launch in FY21 Group. increasing US gross profit has increased • by circa £0.6m against July Our experienced and We continue to review 18 results • • dedicated teams have acquisition opportunities continued to deliver and remain selective in LA office opened in 2018 • outstanding customer our approach. and is performing in line service to our worldwide with management customer base expectations Net Promoter score: 84% • at July 19 Feefo Gold Standard • Award 10 HALF YEAR RESULTS PRESENTATION - OCTOBER 2019
Joanne Estell Chief Financial Officer HALF YEAR RESULTS PRESENTATION - OCTOBER 2019
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