UK CHARTER broker Air Partner saw revenue slump by 26 per cent to £11.7m (2013: £15.9m), in the 18-month period ending January 31, 2014.
Underlying profit before tax was level with the comparable 12-month period at £0.2m, due to early management of the cost base, the company reports.
“The lower revenues reflect on-going challenging conditions in the freight sector,” says Mark Briffa, chief executive.
A large UK government contract ended in March 2012. “However, over the last six months, a positive upturn has been seen in the market and the level of new business has increased,” he adds.
Two significant programmes were completed: delivering humanitarian aid to the Philippines and airlifting equipment to the Winter Olympics in Sochi.
“Freight remains a core product offering and to support this, investment has been made in experienced industry specialists based at Cologne and Istanbul. Progress building new business around the Air Partner Time Critical offering is being made and this is helping to reinforce an improving performance,” Briffa adds.
