Business
Half Yearly Report
Half Yearly Report.
About this update from Avation Plc
[{"type":"text","content":"\n \nRNS Number : 5346P Avation PLC 19 February 2016 \n\nAVATION PLC\n(\"Avation\" or \"the Company\")\n \nFinancial Results and Interim Management Statement\nfor the six months ended 31 December 2015\nAvation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, today announces unaudited financial results for the six months ended 31 December 2015.\n \nOverview \n· Lease revenue increased by 14.4 per cent to $31.5 million (31 December 2014: $27.5 million);\n· Fleet size increased to 34 aircraft as at the date of this report (30 June 2015: 29 aircraft);\n· Avation's fleet provided a lease yield of 13.4 per cent;\n· Airline customer list increased;\n· Earnings before Interest and Tax (\"EBIT\") increased 14.7 per cent to $17.9 million (31 December 2014: $15.6 million);\n· Pre-tax profit (excluding finance costs associated with $100m unsecured notes issued in May 2015) increased to $9.7 million (31 December 2014: $7.0 million);\n· Pre-tax profit for the half year decreased to $5.6 million (31 December 2014: $7.0 million); and \n· Cash and cash equivalents totalled $69.7 million as at 31 December 2015.\n \n \nExecutive Chairman Jeff Chatfield said:\n\"Avation is an aircraft lessor that focuses on narrowbody commercial turboprop and jet aircraft. As at the date of this report Avation has 34 aircraft in the fleet. \n\"For the six months ended 31 December 2015 lease revenues increased by 14.4 per cent to a record level of $31.5 million (2014: $27.5 million). The weighted average age of the fleet has decreased to 5.2 years and the weighted average remaining lease term attached to the fleet is 5.7 years. The lease yield of the fleet for the period was 13.4 per cent.\n\"Since the beginning of the financial year, Avation has added five aircraft into the fleet. Avation has preserved cash raised from the $100 million unsecured notes issued under a Global Medium Term Note programme (\"GMTN\") to support the funding of further aircraft acquisitions. As additional aircraft are delivered, monthly lease revenues will continue to grow resulting in a significant increase in revenue in the second half of the financial year.\n\"Interest expense related to the GMTN added $4.1 million to finance expenses during the six...