Air Partner has issued a further COVID-19 update. The Group has had a strong start to FY21, with both February and March delivering profits well ahead of both budget and the prior year. The current indication is that the Group has delivered around £2.4m of underlying PBT in these months. Management’s expectation is that business will now slow as the pandemic continues to restrict aviation activity globally, though the order book for April is encouraging. In response, management has implemented a series of temporary cost management initiatives and made use of the available government grants and benefits to significantly reduce the cost base for the coming months. At the end of March, adj. net debt stood at £5.0m. The Group has access to a total debt facility of £14.5m, comprising of a £1.5m overdraft and a £13m RCF. We are reassured by today’s update and management has reiterated its confidence that Air Partner is effectively positioned to cope with the challenges and uncertainty posed by COVID-19.

N+ 1 Singer note on Air Partner Full Document.pdf