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might be good for business charters etc, but the cancellation of eg the Euros football cup and other high end sporting and social events could have a negative effect. No idea which one will have more effect on the bottom line. Thinking of trimming back a little.
...but no rise in price.
Surely the virus should be 'good' news for the hiring of biz-jet charters, as well as the few Gov. repatriation charters they have already arranged?
..plus a few more 25K blocks gone thro this morning too. Just in time for the juicy dividend. Doubt they'll stay this low for much longer.
good to see very healthy level of director buys. Usually a positive sign.
Last time this happened, shares were suspended:
https://www.investegate.co.uk/air-partner-plc--air-/rns/temporary-suspension-of-share-trading/201805310727597621P/
improving
eoy results in May isn't it? Posted in the RNS. Not convinced we're going to see a full return to the peaks in the share price, bbut there is a great deal of cynicism in the MMs price setting. In my dreams, they're shaking the tree to get as much out of us investors as possible, before ramping the price up, but these dreams never come true, do they?
I think the steep rises of the last few days gives a clue that this is close to the bottom now and the forward yield of 7.6% and p/e of 8.8 probably help sustain that. The end of year results in june should reassure too, not withstanding some global shock (like no deal brexit! :)
Nothing untoward going on here. Wizz Air aside, the airline sector is following the trend of IAG, and bombing. Fundamentals and trading are pretty sound. Brexit's tanking the UK sector, and there's still uncertainty over the US. Calling bottom just now is brave, and I'm not that brave (too bruised).
Having got out of this share after the accounting scandal, I thought I would have an update and was surprised to see that Mr Briffa has been awarded £130,000 of nil cost options on terms to be announced some six months after the event. Some reward for having signed off accounts that he should have known were inaccurate. Where is the corporate governance. One year ago I valued these shares at 50p - not far to go.
Sea of blue due a tick up......
results much better than I expected......lets hope for a rise in the SP as this has been in the doldrums for some time now...
Baines Simmonds accounts showing signed off 19 December have now been filled at company house.
Operating profit down by 50% and turnover down 15%.
For one, Cabot Aviation is now trading as Commercial Aircraft Remarketing (https://www.airpartner.com/en/our-services/remarketing/commercial-aircraft/), no longer a listed limited company. All companies confirmation statements are up to date. Probably safe to assume that all acquisitions are being brought into the fold, so all financials will be under Air Partner.
Is this delay not to just let the new auditors get up to speed?
* missed Clockwork Rsearch Limited off the list. Five all told. The latest acquisition... Safeskys... is not listed but that had an extension from July/18 and is due to file this month.
Gazette notices of compulsory strike off have been issued for five of AIR's subsidiaries: Cabot Aviation Services Limited, Air Partner Consulting Limited, Baines Simmons Limited, Aviation Compliance Limited.
Companies House Record: https://beta.companieshouse.gov.uk/company/04295495
Two subsidiaries, Baines Simmons and Clockwork Research, are now both 2 months over the deadline to file annual accounts.
Accounts overdue!
Next accounts (made up to 31 January 2018)
Were due by 31 October 2018
Last accounts made up to 31 January 2017
Air Partner announces that it was notified on 7 November 2018 that Mark Briffa, the Company's Chief Executive Officer, has transferred 230,807 ordinary shares of 1 pence in the Company ('Ordinary shares') to his wife, Michelle Briffa for nil consideration, on 5 November 2018.
Not so sure that is an Auditor Warning as that does really sound alarming, However its obvious that some sort off accounting lets say "error" has occurred but I do feel that the Company do really want to improve there PR and are trying to do so I agree that it will take time and that £1.50 is off the cards for now.....but putting all that aside this Company has so much potential that I am holding, I really do feel that in the next 6-12 months we could see some significant gains the set up and structure of the Company suggests huge improvements and increased revenue over the medium term.....GLA
The group recorded a slight drop in profits from £18.1 to £18m and underlying profits before tax of £4.2m – a 2.4% increase. CEO Mark Briffa said he was pleased to report a “solid first half performance” which “continued progress against our strategy.”
However in its notes, auditor Deloitte pointed to the disclosure of the accounting issues, which included “inappropriate financial journals” used to “conceal accounting issues” and in some cases “inappropriately created and manipulated in order to avoid detection of the accounting issues”.
“Due to limitations in the company's ability to recreate historical accounting records, in respect of £3.4m of the accumulated £4.4m overstatement of net assets, the directors of the company were unable to identify which accounting periods and line items this adjustment related to.“We were unable to obtain sufficient, appropriate evidence in respect of the £3.4m of the total adjustment described above,” the firm said.
“Consequently, we were unable to determine whether any adjustments to the above amounts for the periods to 31 July 2017 and 31 January 2018 were necessary,” it said.
“Our audit opinion for the year ended 31 January 2018 was modified accordingly.
It said therefore that the conclusion on the current periods statements was also modified due the “possible effect of this matter on the comparability of the current period's figures and the corresponding figures.”
“In June we fully completed our accounting review and successfully dealt with the issues arising from it. As expected, the latest auditor’s report flags the historic straight line treatment that was agreed for our full year results, we expect this to fall away going forward," an Air Partner spokesperson said.
This year is the final year for the current Deloitte audit partner, who stayed on to conduct the review work for the half year, and Air Partner confirmed that it would conduct a competitive tender for the 31 January 2019 year end audit.
“We cannot comment on individual companies, due to client confidentiality," a Deloitte spokesperson said.