Shares digital

Air Partner (AIP) – Interims PTP: £3.9m (£3.5m) Divi: 7.4p (6.7p)

Despite a deterioration in the global economic market, the company successfully posted a 12% hike in taxable profits to £3.9 million and a 21% increase in sales to £109.4 million. Chief executive David Savile says the company has benefited from its diversification and, although there was a small reduction in the more discretionary corporate sector spend, an increase in business from global governments has helped to offset this.

The group has always had to face limited forward visibility, but this is starting to improve, with government clients signing longer-term contracts. As at the end of February, advanced orders were 40% ahead of last year. The group also announced the resignation of chairman Tony Mack and his replacement Aubrey Adams. House broker Oriel Securities says the shares trade on a 2008 PE of 15, falling to 14 in 2009. The shares slipped to 912.5p then rose 5% to 925p.

Shares says: Positive results and great potential.

by: Rachel Robson