Analyst Greg Poulton says: “Air Partner has issued a third COVID-19 update, confirming a very strong start to FY21. The unaudited accounts for Q1 show expected underlying PBT of £6m. Prior to withdrawing our forecasts we had been forecasting full year PBT of £6.5m. Against a challenging market backdrop, this is an excellent result and is testament to the Group’s strategy to diversify its exposure across the aviation chartering industry. April was a record month, predominantly driven by unusually high levels of activity in Freight and Group Charter. However, as expected, activity in Private Jets and Safety & Security remains notably lower than in previous years, although Redline has recently secured two new security contract wins. The forward order book is encouraging for May and June, supported by demand for Freight and Group Charter services. Visibility beyond this is currently limited. Accordingly, management is managing costs tightly in order to preserve cash. At the end of April, the Group had underlying cash in the bank of £13m (exc. significant customer deposits and JetCard cash).”

See Attached Note from N+ 1 Singer