STOCKS NEWS EUROPE-Air Partner down; broker downbeat
Shares in Air Partner (AIP.L) fall 3 percent as Charles Stanley says it expects to see a substantial fall in the British private aviation services provider's operating profit, following the company's update on June 5. [ID:nBNG448052]
"Overall we expect operating profit to reduce by 70 percent in 2009," says Charles Stanley, adding Private Jets revenue will be hit hardest, down 35 percent in 2009 and 10 percent in 2010.
The broker forecasts pretax profit of 3 million pounds in 2009, EPS of 24.36 pence, on an price earnings ratio of 20.3 times.
"Evidence of a recovery in the private jet market and world economy is clearly needed before the underlying business can pick up," Charles Stanley says.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
