Business
HALF YEAR FINANCIAL RESULTS 31 DECEMBER 2019
HALF YEAR FINANCIAL RESULTS 31 DECEMBER 2019.
About this update from Avation Plc
[{"type":"text","content":"\n \n \n RNS Number : 4653E\n Avation PLC\n 28 February 2020\n \n \n \n \n AVATION PLC\n \n \n (\"Avation\" or \"the Company\")\n \n \n \n \n \n Financial Results and Interim Management Statement\nfor the SIX MONTHS ended 31 December 2019\n \n \n \n \n \n Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, announces reviewed financial results for the six months ended 31 December 2019.\n \n \n Key Financial Results\n \n \n · \n Revenue increased by 15% to a record $67.6 million;\n \n \n · \n Profit before tax increased by 218% to $45.2 million;\n \n \n · \n Profit after tax increased by 180% to $38.2 million;\n \n \n · \n Earnings per share increased by 178% to 60.0 cents;\n \n \n · \n Net asset value per share increased by 15% to $4.29; and\n \n \n · \n Dividend, announced in respect of the first half grew by 5% to 2.1 cents per share.\n \n \n \n \n \n Operational Highlights\n \n \n · \n Repossession of two aircraft from Thomas Cook and transition to a new lessee;\n \n \n · \n Three new ATR72-600 aircraft acquired during the period;\n \n \n · \n Completion of finance leases and transfer of two Fokker 100 aircraft to the lessee;\n \n \n · \n Leases signed for five ATR72-600 aircraft to be delivered to Braathens by 30 June 2020; \n \n \n · \n Airline customers increased to eighteen; and\n \n \n · \n First ever commercial aircraft financed with a Green loan - recognised by Airline Economics as \"Deal of the Year for Innovation\".\n \n \n \n \n \n Executive Chairman, Jeff Chatfield, said:\n \n \n \"Avation posted record lease rental revenue and assets for the period ended 31 December 2019. Most importantly the customer base continued to expand. In response to a proposal from an interested party the Company appointed an adviser and announced a strategic review and formal sale process. Upon completion of the strategic review and formal sale process the Board will consider the recommendations and provide further comment.\n \n \n \"During the period, Avation repossessed two Airbus A321 aircraft from Thomas Cook and transitioned the aircraft to a new lessee. While the airline sector performed profitably as a whole, 2019 saw a record number of airline insolvencies. Avation's limited exposure to Thomas Cook and lack of exposure to other airline failures results from increased scale and ...