Business
Half year report for six months ended 31 Decemb...
Half year report for six months ended 31 Decemb....
About this update from Avation Plc
[{"type":"text","content":"\n \n\n AVATION PLC\n ('Avation' or the 'Company')\n CONSOLIDATED UNAUDITED RESULTS FOR THE\n SIX MONTHS ENDED 31 DECEMBER 2009\n\nAvation, the aircraft leasing company, presents its interim results for the six months to 31 December\n2009.\n\nHIGHLIGHTS\n\n * Revenue for the period: GBP 7,556,268\n\n * Profits attributable to shareholders: GBP 801,941\n\n * Earnings per share: 3.14p\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\nNick Rome, Will Tindall, Bishopsgate Communications 0207 562 3350\n\nWebsites: www.avation.net\n\nCHAIRMAN'S STATEMENT\n\nOn behalf of your Board of Directors I am pleased to present Avation's un-audited interim results for\nthe six months ended 31 December 2009 (the \"Period\"). The Group results were in line with\nexpectations.\n\nThe business is profitable and cash flow positive and its balance sheet is continuing to improve, in\nspite of the difficult general economic conditions.\n\nFor the interim period the Group's revenue was GBP 7,556,268 with net profit after income tax\nattributable to the shareholders recorded as GBP 801,941.\n\nThe Group owns a portfolio of A320 series and F100 type aircraft, currently these are worth\napproximately GBP 86m. A focus of the operations in the last twelve months has been a continuing\nreduction of the debt associated with acquiring these aircraft. The long term debt position against\nthe GBP 86m in aircraft is now down to GBP 38.3m compared with GBP 51.7m one year ago, representing a\n45% reduction in debt levels.\n\nAs the business's primary operation is as an aircraft lessor, risk management on the airline lessees\nis critical. All of our airline clients are performing well in their businesses and are regularly\nmonitored by your Board. The fleet is being properly maintained. Maintenance reserve claims have\nincreased during the period to over GBP 1m, however, in our opinion this is positive in the sense that\nthe aircraft are proceeding through the correct maintenance cycle. The Company has incorporated a new\nwholly owned subsidiary called MSN 429 Limited in order to facilitate a potential aircraft\nacquisition.\n\nThe Group is subject to the typical risks associated with the aviation business, including but not\nlimited to, any downturn in the glob...