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PRELIMINARY UNAUDITED FINANCIAL RESULTS FOR 2017
PRELIMINARY UNAUDITED FINANCIAL RESULTS FOR 2017.
About this update from Avation Plc
[{"type":"text","content":"\n \nRNS Number : 0791Q Avation PLC 07 September 2017 \n\nAVATION PLC\n(\"Avation\" or \"the Company\")\n \nPRELIMINARY UNAUDITED Financial Results for the YEar ended 30 june 2017\nand Interim Management Statement\nAvation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, announces preliminary unaudited financial results for the year ending 30 June 2017.\nOverview\n· Lease revenue increased by 32% to $94.2 million; \n· Earnings before interest and tax (\"EBIT\" or \"Operating Profit\") grew 32% to $60.2 million;\n· Profit before taxation increased by 18% to $21.4 million;\n· Total profit after tax increased 16% to $21.3 million; \n· Operating cash flows increased 20% to $63.0 million;\n· Dividend per share increased by 85% to 6.00 US cents; and\n· Earnings per share (\"EPS\") increased by 6% to 36.3 US cents.\n \nExecutive Chairman, Jeff Chatfield, said:\n\"Avation is pleased to report record revenue, profit and operating cashflow in the year to 30 June 2017. Avation continues to diversify its aircraft fleet while adding balance sheet scale. Fleet metrics have improved with lease yield rising to 12.8% (2016: 12.3%) while the average age of the fleet has reduced and the average remaining lease term for the aircraft portfolio has increased. \nThe Company has ended the year with a substantial cash balance, lower leverage and has an improved credit rating, which are features that support the funding of further fleet expansion. Avation aims to grow the aircraft portfolio materially during the coming financial year and is currently assessing a number of aircraft for acquisition.\"\n \nAircraft Fleet \n\n\n\n\nAircraft Type\n\n\n30 June 2017\n\n\n\n\nATR 72-600\n\n\n13\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\n35\n\n\n\n\nAs at 30 June 2017 Avation's fleet comprised 35 aircraft, including seven aircraft on finance leases. Fleet metrics have continued to improve, the weighted average age of the operating fleet (excluding finance leases) is 3.3 years (2016: 4.2 years) and the weighted average remaining lease term is 7.5 years (2016: 6.8 years). Avation has signed a letter of intent to lease three ATR 72 turboprop aircraft ...