The Air Partner PLC Board has reviewed their dividend policy to ensure that the Group can pay a sustainable and growing level of dividends over time. The Board targets dividend cover of 3.0 to 3.5 times earnings in a normal year, after adding back non-cash related exceptional items such as amortisation of acquired intangibles. The Board is declaring an interim dividend of 0.85p (H1 2020: 0.80p). This interim dividend is expected to be paid on 12 November 2021 to those shareholders registered at close of business on 15 October 2021. The ex-dividend date will be 14 October 2021.
Other financial highlights include:
- Gross profit of £18.6m, reflecting a strong recovery in Private Jets and a robust performance in Group Charter and Freight as they return to more normalised trading levels (H1 2020: £27.7m / H1 2019: £17.2m)
- Overall, 48.2% of gross profit came from outside of the UK; the US contributed 31.6%
- Underlying profit before tax of £3.8m, materially up by 26.7% on pre-pandemic trading (H1 2020: £10.5m / H1 2019: £3.0m)
- Statutory profit before tax of £3.5m includes amortisation of acquired intangibles, acquisition costs and release of deferred consideration (H1 2020: £8.9m / H1 2019: £2.8m)
- Net cash of £9.8m and liquidity headroom of £24.3m as of period end (comprising of net cash, a £13.0m undrawn RCF and £1.5m overdraft)
- JetCard cash deposits up 12.5% to £19.8m due to high demand in Private Jets (H1 2020: £17.6m / H1 2019: £18.5m)
- Basic EPS of 4.2p; underlying EPS of 4.6p, down 64.1% on the prior year, but up 7.0% on H1 2019 (4.3p)
