Air Partner Shows 90 Percent Slump in Earnings

It now seems that Air Partner, a leading private jet charter company, has already reported a 90 percent slump in pretax profits for the year ending July 31. The company, which is based near Gatwick, said that the pretax profits for the year have dropped from £9.2 million in 2008 to just £900,000 this year. They also noted that their sales fell by 23 percent from £251.3 million to £194.3 million.

The company went on to point out that, after having a strong quarter 1 performance, they have had a very difficult time remaining profitable and debt free. Air Partner went on to say that it has lost a very significant business base during the past year. This is more than likely due to the current recession, thus, the company may have to take action, resize their business and reduce their costs.

The Air Partner’s CEO, David Savile, said that over the past year, they have not seen an easy market to get involved with. He went on to say that they have made very significant progress in resizing the business to suit the current conditions, however.

Of course, David Savile said that, despite the very hard challenges that the current market had provided, he was happy that they were able to remain profitable and debt free. He says that they are able to do that by providing their clients with an unrivaled service. The company is hoping to hold out until the end of the recession, where they say that they will be in good standings to grow afterward.