Take-off in demand lifts Air Partner

AN UPSURGE in multinational companies flying staff around the world on special charter planes rather than scheduled services has sent profits, dividends and the share price soaring at aircraft charter broker Air Partner.

Gatwick-based Air Partner specialises in chartering aircraft for banks and large motor, oil and drugs companies flying large numbers of staff to corporate functions and conferences. It also specialises in executive jet services or one-off junkets such as Bhs boss Philip Green's recent 50th birthday party flight with friends to Cyprus.

Pre-tax profits rose 28% to £1.6m in the six months to 31 January despite a 3% drop in turnover to £44.8m. The results, plus an 11% surge in the interim dividend to 4.1p, sent its shares up nearly 10%, or 29p, to a 10-month high 330p.