In financial results released today for the six months ending January 31, Air Partner showed a loss of £1.2 million ($1.8 million) across the group, including PJOC. Air Partner formed PJOC in October 2006 when it acquired air charter operator Gold Air for £4.4 million (the equivalent of $8.1 million at the time but $6.6 million at the current exchange rate).

The strategy behind this move was to be able to deliver guaranteed capacity for charters at a time when demand was growing at around 30 percent, but this demand evaporated in the wake of the financial crisis. CEO David Savile, who was the main architect of Air Partner’s expansion into charter operations, will leave the company on March 31.

via Air Partner Shuts Down Aircraft Operating Division: AINonline.

Aubrey Adams, Chairman of Air Partner plc made the following comments:“David Savile has been an integral part of the Group from its earliest days and we are very grateful for the commitment and leadership he has shown throughout his tenure. He has overseen very substantial growth in sales, profitability, market penetration and global expansion. He has been instrumental in ensuring the Group operates as an integrated management structure, and this has greatly assisted the board in succession planning for the future. Mark Briffa has been a full board member since 2006 and his experience and leadership qualities exemplify the depth of management at Air Partner. I have every confidence that his success and experience as the Group Chief Operating Officer ideally position him to take Air Partner forward in his new capacity as Chief Executive Officer.”

David Savile, Chief Executive Officer said:“I have had a very fulfilling 27 years at Air Partner, 17 as its CEO, and I now feel that it’s time for me to move on and pursue other interests. The Company has achieved more than I ever imagined possible and I’m delighted to be leaving it as a market leader, with a long track record of success.”

Mark Briffa, Chief Executive Officer designate said:”With Air Partner’s robust track record, world class team and leading market positions supporting the Group, I am looking forward to furthering the potential of the business, and growing it for the benefit of all shareholders and customers at this pivotal time for the aviation sector.”

On 9th December 2009, the Board of directors reported that it was continuing to monitor the Group for opportunities for further efficiencies and to optimise Air Partner’s future growth. The Board expects to update shareholders on the outcome of this continuing process in due course.

The Group remains in a strong financial position with no debt and £16.1m of cash at 31st January 2010.

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