Business
Half-year Report to Dec 2016
Half-year Report to Dec 2016.
About this update from Avation Plc
[{"type":"text","content":"\n \nRNS Number : 9996W Avation PLC 16 February 2017 \n\nAVATION PLC\n(\"Avation\" or \"the Company\")\n \nFinancial Results and Interim Management Statement\nfor the SIX MONTHS ended 31 December 2016\nAvation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, today announces its unaudited financial results for the six months ending 31 December 2016.\nOverview\n· Lease revenue increased by 43% to $45.1 million; \n· Earnings before interest and tax (\"EBIT\" or \"Operating Profit\") grew 54% to $27.6 million;\n· Profit before taxation increased by 51% to $8.4 million;\n· Total profit after tax increased 54% to $7.4 million; \n· Operating cash flows increased 65% to $31.1 million; and\n· Earnings per share (\"EPS\") increased 46% to 12.9 cents.\n \nExecutive Chairman, Jeff Chatfield, said:\n\"Avation is pleased to report significant year on year increases in revenue, profit and operating cashflow in the half year to 31 December 2016.\n\"Fleet metrics have continued to improve as the fleet has grown, with the weighted average age of the aircraft decreasing to 2.8 years and the weighted average remaining lease term increasing to 7.8 years. Avation's strategy seeks to maintain a low average age of the fleet, lowering risk by maximising the long term earning potential of fleet assets. As at 31 December 2016 the value of the Company's jet fleet now exceeds that of the turboprop fleet.\n\"In addition to these satisfactory financial results Avation has grown the aircraft fleet, managed overhead costs and improved fleet metrics to position the Company well for the second half of the financial year.\"\n \nAircraft Fleet \n\n\n\n\nAircraft Type\n\n\n31 December 2016\n\n\n\n\nATR 72-600\n\n\n18\n\n\n\n\nATR 72-500\n\n\n6\n\n\n\n\nAirbus A321-200\n\n\n8\n\n\n\n\nAirbus A320-200\n\n\n3\n\n\n\n\nFokker 100\n\n\n5\n\n\n\n\nTotal\n\n\n40\n\n\n\n\nAs at 31 December 2016 Avation's fleet comprised 40 aircraft including seven aircraft on finance lease. The weighted average age of the fleet owned by the Company (excluding finance leases) is 2.8 years (2015: 5.2 years) and the weighted average remaining lease term was 7.8 years (2015: 5.7 years). As at 31 December 2016, all aircraft owned by the Company...