Air Partner Plc, a U.K.
broker of business-jet charters, said increased demand for private
planes means full-year earnings will beat forecasts. Hangar8 Plc, which
has a fleet of about 50 aircraft for hire, also reported gains.
Air
Partner’s pretax profit for the year ending July 31 will be higher than
2012’s 3.2 million pounds ($4.8 million), the provider of planes
spanning Cessna light jets to Boeing Co. 777’s said today. Analysts
predict a 3.75 million-pound profit, based on the median of two
estimates in a Bloomberg survey.
The private-jet market has been
sluggish since 2008, when the economic slump hurt demand from businesses
and individuals. Improving growth prospects in the U.S. and an easing
of the European debt crisis have raised prospects for a rebound.
“Business
has further improved” since a June 4 update that detailed gains in both
private-aircraft and jetliner charters, with trading “stronger than
expected” over the last eight weeks, Crawley, England-based Air Partner
said in a statement.
The stock rose as much as 7.4 percent and
was trading 5.7 higher at 364 pence as of 10 a.m. in London, taking
gains this year to 19 percent and valuing the company at 37 million
pounds.
Air Partner said business has also been buoyed by new deals to serve the oil and gas market and from tour operators.
Oxford,
England-based Hangar8, which offers planes from Embraer SA Phenom 100
light jets to the Brazilian manufacturer’s Lineage 1000 VIP model
featuring a dining room and double bedroom, reported a “material uplift”
in pretax profit for the year ended June 30 which it said was in line
with forecasts.
Growth was aided by the November purchase of
International Jet Club Ltd., which added two long-range Bombardier Inc.
(BBD/B) Global Express aircraft, and there is cash for further
expansion, Hangar8 said.
Source: http://www.bloomberg.com
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