We have updated our forecasts following the 22nd January trading update, reducing our PBT forecasts by 22%/13% in FY20/FY21. Whilst the reduction in expectations is disappointing, the Board remains confident in FY21 prospects, suggesting that the slower trading in Q4 represents only a short term setback. Sizeable business wins in the Charter division for delivery in H1’21 and good order coverage for the Safety & Security division support the FY21 outlook. Safety & Security also stands to benefit from the first full year of the Redline acquisition. We see significant recovery potential in Air Partner as the refreshed Board executes its strategy.
