Avation PLC RESULTS ANNOUNCEMENT AND TRADING UPDATE (5709Z)
15 September 2022 - 4:00PM
UK Regulatory
TIDMAVAP TIDMAVAW
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 .
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END
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