Previously writing on aircraft charter and aviation safety & security consulting and training company Air Partner (AIR), last month with the shares responding above 50p I concluded its planned shareholder updates approximately every four to six weeks during the crisis look something worth monitoring. On the watchlist. Today a further such update, with the trading overview...
Aircraft charter and aviation safety & security consulting and training company Air Partner (AIR) has updated including “the unaudited management accounts for February and the flash report for March show that each month generated profits well ahead of both budget and the prior year. The current indication is that the group has delivered around £2.4m of underlying profit before tax in the first two months of the year” – and the shares have currently responded above 50p, up from sub 20p as recently as early last week…
Air Partner (AIR) has updated including that it “traded well over the first half of the financial year” and “remains confident in the group's prospects for the full year and beyond”. Sounds encouraging…
The market doesn’t respond well to any announcements of accounting problems, and the share price of any company releasing such news tends to get hammered. In some cases the resulting drop is justified, but there are also plenty of occasions where there appears to have been a massive over-reaction and that can present a buying opportunity, as long as the underlying fundamentals of the business haven’t changed and it is just a one-off error or omission that won’t negatively impact the company going forwards.
Someone, other than the worm formerly in the accounts department who stands accused of covering up an up to £4 million profits overstatement, had to pay the penalty for the mess at Air Partner (AIR). Hopefully its prize shit of a PR man Tom Allinson will be next but the first to walk the plank is Chief Financial Officer, Neil Morris.
Yesterday at 7 AM Air Partner (AIR) fessed up to a £3.3 million black hole in its accounts via RNS but it was vague as to its nature and suggested that nothing big was going on. At 10.15 AM all eighty staff in the Gatwick Office were called into a meeting with CEO Mark Briffa and FD Neil Morris for a briefing. They were told far, far more. One of those present has come forward and states:
An announcement from aviation broking, consulting and training company Air Partner (AIR) entitled “Year End Update” sounds routine – but I note, following a end-January year-end, there was already – in February – a “Year End Trading Update & Notification of Results”. Hmmm…
Hello Share Churners. Yesterday I looked at a promising company with rather boring products. It was Polypipe (PLP), which makes plastic pipes and ventilation systems. So now let’s look at a firm which has an exciting existence, especially for sports fans (which I am not).
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