Business
AGM, INTERIM MANAGEMENT STATEMENT & TRADING UPDATE
AGM, INTERIM MANAGEMENT STATEMENT & TRADING UPDATE.
About this update from Avation Plc
[{"type":"text","content":"\n \nRNS Number : 8930Z Avation PLC 20 December 2017 \n\nAVATION PLC\n(\"Avation\" or \"the Company\")\n \nAGM STATEMENT, INTERIM MANAGEMENT STATEMENT AND TRADING UPDATE\nAvation PLC (LSE: AVAP), the commercial passenger aircraft leasing company advises that the AGM being held today in Singapore will include a Chairman's address, Interim Management Statement and Trading Update.\nAddressing the meeting today Mr Jeff Chatfield, Executive Chairman, provides the following commentary: \"Fellow Shareholders, the purpose of this statement is to provide all investors with an update on current operations. This statement concerns the period from 1 July 2017 through to today.\n\"The business is on a growth trajectory. The financial results for the last financial year 2017 included lease revenues increasing 32% to $94.2 million and total profit before tax increasing 18% to $21.4 million year-on-year. \n\"On a pro-forma basis at 31 December 2017 our monthly lease rental run rate has reached $9.6m (unaudited) and for, the first time, we will have over $1 billion in assets. Avation sold six ATR 72 aircraft at the end of the 2016-2017 financial year and hence the first half of 2017-2018 does not have the benefit of revenue and profits from those aircraft. As a result of the recent acquisitions of new aircraft, we anticipate growth in reported second half 2017-2018 revenues. We expect to publish the first half financial results on 26 February 2018.\n\"As at 31 Dec 2017, on a pro-forma basis:\n- the fleet stands at 37 aircraft; \n- assets exceed $1 billion;\n- a weighted average fleet age of 2.9 years; and\n- the weighted average lease duration is 7.9 years. \n\"Avation is now a full-service aircraft lessor providing regional, narrowbody and twin aisle aircraft. We have evolved over the last six years from originally being a jet lessor to also leasing out regional turbo-prop aircraft. We have recently expanded our offering to include large twin-aisle aircraft. The rationale for including a small number of twin-aisle aircraft in the fleet is to match the mix of equipment commonly used by airline operators. Airlines operate in s...