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Share Name Share Symbol Market Type Share ISIN Share Description
Avation Plc LSE:AVAP London Ordinary Share GB00B196F554 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 112.00 111.00 113.00 112.00 112.00 112.00 12,763 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 85.1 -50.8 -94.8 - 78

Avation PLC RESULTS ANNOUNCEMENT AND TRADING UPDATE

15/09/2022 7:00am

UK Regulatory (RNS & others)


Avation (LSE:AVAP)
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RNS Number : 5709Z

Avation PLC

15 September 2022

Via RNS and SGXNET

AVATION PLC

("Avation" or "the Company")

RESULTS ANNOUNCEMENT AND CLOSED PERIOD TRADING UPDATE

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company provides an update on the results for the year ending 30 June 2022 and the timing of the results announcement.

Results Announcement - Return to Profit

The Company expects to publish its unaudited results for the year ending 30 June 2022 on 29 September 2022, earlier than had previously been disclosed. There will be a conference call and investor Q&A on the day of the results announcement, further details of which will be announced by the Company ahead of the publication date.

It is anticipated that the financial results for the year ending 30 June 2022 will show the Company returning to net profit, following a recovery in the performance of the Company and the sector. For the year ended 30 June 2022 Avation had income of approximately $115 million (unaudited).

The Company will also provide an update on its strategy for the coming years with the financial results announcement.

Key Strategy - Sustainable Low CO2 Lessor

The Company's key future business strategy will be to focus on leasing modern, low CO2 emissions, fuel-efficient aircraft. We anticipate gradually trading out of older aircraft types and focussing on modern low CO2 emissions aircraft types such as the Airbus NEO and Airbus A220 series and the ATR72 aircraft with new generation engines. The Company's portfolio already comprises a significant proportion of Airbus A220 and ATR 72 type aircraft showing our commitment and track record in these low CO2 and new technology and fuel efficient aircraft.

Virgin Australia - Creditors' Trust Dividend

The Company has been advised that it will receive an initial distribution from the Virgin Australia restructuring of 5.4 cents in the dollar on its adjudicated claim of AUD $101.4 million on 15 September 2022. Further distributions based on funds withheld by the Trustees and additional funds being made available to creditors should Virgin Australia meet performance targets in future financial years.

Executive Chairman Jeff Chatfield said "Avation will be pleased to announce a net profit once again. Overall, we believe that air travel is gradually recovering as evidenced by global passenger numbers. Avation understands it is one of the world's largest holders of long-term ATR purchase rights for 28 ATR 72-600 aircraft. ATR has demonstrated that these aircraft can operate using 100% sustainable aviation fuel and produce extremely low CO2 emissions on a net basis. Low CO2 emissions will advantage airlines in terms of taxes and government imposts. Our current inventory of unplaced aircraft is low with two ATR 72-600s and one Boeing 737-800 available for sale or lease. Investors are invited to attend the results conference call and Q & A".

-ENDS -

Enquiries:

   Avation PLC - Jeff Chatfield, Executive Chairman                                      +65 6252 2077 

Avation welcomes shareholder questions and comments and advises the email address for questions is: investor@avation.net and the Company provides an investor Q & A during the conference call associated with release of results.

Notes to Editors: Avation PLC is an aircraft leasing company, headquartered in Singapore, owning and managing a fleet of commercial passenger aircraft which it leases to airlines around the world. More information on Avation is available at www.avation.net .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

September 15, 2022 02:00 ET (06:00 GMT)

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