Business
Final Results
Final Results.
About this update from Avation Plc
[{"type":"text","content":"\n \n\n 26th Nov 2009\n AVATION PLC\n ('Avation' or the 'Company')\n CONSOLIDATED AUDITED RESULTS FOR THE\n TWELVE MONTHS ENDED 30 JUNE 2009\n\nAvation, the aircraft leasing company, presents its consolidated audited results for the twelve months to 30 June\n2009.\n\nHIGHLIGHTS\n\n * Group operating revenues increased by 224% to GBP 16,278,212 (2008: GBP 5,031,679);\n\n * Profits attributable to shareholders, excluding an extraordinary, item increased by 81% to GBP 2,645,976\n (2008: GBP 1,462,750).\n\n * A final dividend for the year of 0.5p per ordinary share has been proposed by the directors.\n\nEnquires:\n\nAvation PLC\nJeff Chatfield, Chairman 07783 942 553\n\nAdvisor\nFrank Lucas, Loeb Aron & Co. 0207 628 1128\n\nFinancial Public Relations\nBishopsgate Communications 0207 562 3350\nNick Rome/Will Tindall/Giang Nguyen\n\nWebsites: www.avation.net\n\nCHAIRMAN'S STATEMENT\n\nDear Fellow Shareholders,\n\nOn behalf of your Board of directors, I present to you the audited financial statements for Avation and its\nsubsidiaries for the year ended 30th June 2009 and seek to update you on the progress that the Avation Group has\nmade in this challenging year.\n\nYour Board reports that in respect of the year ending 30th June 2009 the consolidated net profit after tax was GBP\n2,645,976 on revenues of GBP 16,278,212 with earnings per share of 10.4 pence.\n\nThe operating businesses had a satisfactory year with excellent and robust cash flows being recorded. Last year the\nCompany enjoyed an extraordinary gain resulting from the spin off of Capital Lease Aviation PLC as a quoted\nsubsidiary on the AIM market, the profits reported this year are from recurring business with no extraordinary\ngains.\n\nWe are all too aware of the issues and problems extent in the world economy, nevertheless the business has\ncontinued to grow and we have increased the revenue base by 224%. As at June 30th the asset base has further\nincreased to GBP 83,053,926.\n\nThe Avation Group currently owns 11 modern jet aircraft. The Group continues to seek further aircraft acquisitions.\nThe Company was formed via a special dividend from Skywest Airlines Ltd with shares distributed to all of the then\nSkywest Airlines Ltd shareholders.\n\nThe revenue and profit base, upon which a sustainable business can grow, is now fully in place and we are pleased\nto not...