Business
Announcement by Subsidiary
Announcement by Subsidiary.
About this update from Avation Plc
[{"type":"text","content":"\n \n\n 3 March 2010\n\n AVATION PLC\n\n Results Announcement by Subsidiary.\n\nThe Board of Avation PLC notes the announcement of interim results by its 51% owned subsidiary Capital Lease\nAviation (\"CLA\") this morning. The text of the release can be found on CLA's website at\nhttp://www.capitalleaseaviation.com and from the RNS service of the London Stock Exchange and is included below in\nthis announcement for the interest of Avation's shareholders.\n\n The directors take responsibility for the contents of this announcement.\n\n Capital Lease Aviation PLC\n (\"CLA\")\n\n HALF YEAR RESULTS - 31 DECEMBER 2009\n\nThe Board of CLA is pleased to announce the unaudited consolidated interim results for the period from 1 July\n2009 to 31 December 2009.\n\nHIGHLIGHTS:\n\n- Net Assets : US $37.56m;\n\n- Revenue for the period: US $7.84m;\n\n- Profit after tax: US $1.82m;\n\n- Earnings per share (after tax): 1.86 US cents\n\nJeff Chatfield, Executive Chairman said: 'Results for the first half of the year are entirely satisfactory\ngiven the economic circumstances and current state of the airline industry. The result is in line with the\nBoard's expectations given the present operating environment. The aircraft that the Company owns and leases\nhave all performed well and the lessees are all performing well. We anticipate that further growth will be\navailable as aircraft valuations may become more attractive to operating lessors such as ourselves,\nas competitors such as financial institutions and banks leave the sector and release their aircraft into the\nmarket. The Board of the CLA group continues to plan to build on the portfolio of aircraft already\nestablished.\n\nThe Board's strategic plan involves the acquisition of 737 series and Airbus A320 series new generation\nplanes, we will ensure that these aircraft are leased to reliable operators.'\n\n The directors take responsibility for the contents of this announcement.\n\nEnquiries:\n\nCAPITAL LEASE AVIATION PLC\nJeff Chatfield, Executive Chairman 07783 942 553\n\nSTOCKBROKERS\nWH Ireland Limited 020 7220 1690\n\nNOMINATED ADVISER\nJames Joyce, David Porter\nWH Ireland Limited 020 7220 1666\n\nWebsite http://www.capitalleaseaviation.com/\n\nDirectors' Review of Operations and Strategy\n\nThe Group results were in line with expectations given the difficulties facing the industry ...