Business
Interim Management Statement
Interim Management Statement.
About this update from Avation Plc
[{"type":"text","content":"\n \n\n 12 May 2011\n AVATION PLC\n\n Interim Management Statement\n\nAvation Plc, the commercial aircraft leasing company, is pleased to report an Interim Management Statement\nfor the 18 weeks to 6th May 2011.\n\nIn general, the current Group trading is substantially in line with expectations and is consistent with the\nfinancial performance of the Company in the first half-year period ended 31st December 2010, which was\nreported on 3rd February 2011. However, the asset base, financial position and outlook for the Company has\nmaterially improved, since the Company successfully raised GBP10m, pursuant to a Placing that was announced\non 9th March 2011. This significantly strengthens the Company's balance sheet.\n\nVIRGIN AUSTRALIA\nThe Company previously announced that it had entered into various arrangements to procure between eight and\neighteen ATR-72 aircraft for use in a new regional Virgin Australia airline network. It is expected that\nthe first Virgin Australia aircraft will be delivered new from the factory on 30th June 2011. The Company\nanticipates that the operating income from the lease of these operations should therefore commence on 30th\nJune 2011.\n\nAIRBUS A320\nAvation Plc has entered into a Letter of Intent to acquire an Airbus A320-231, which is the \"sister ship\"\nof its existing A320-231 that is currently operated by Skywest Airlines in Australia. In turn, the Company\nhas granted a lease option to Skywest Airlines wherein the proposed new operating lease would be for four\nyears on substantially the same terms as the existing A320. If Skywest Airlines exercises the option, the\naircraft would be available to enter service in Australia around August 2011.\n\nCORPORATE TAXATION DOMICILE\nAvation Plc is proceeding to match the domicile of its taxable base with its operations in the Singapore\njurisdiction. The current headline taxation rate for corporations resident in Singapore is 17%.\n\nThe Directors take responsibility for the contents of this announcement.\n\n ---ENDS---\nENQUIRES:\n\nAvation PLC\nJeff Chatfield, Executive Chairman +61 411 478 132\n\nFinancial Public Relations\nBishopsgate Communications +44 (0)207 562 3350\nLaura Stevens/Giang Nguyen\n\nWebsites\nwww.avation.net\n\nAvation plc\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t \n ","length":2809,"tagName":"div"}]