Avation shares rises as revenues climb
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Master Investor exhibitor Avation (LON:AVAP) has reported a 16% increase in revenues for the year ended 30th June as the aircraft leasing company added 5 new aircraft to its fleet. The company also increased its dividend by 21% to 7.25 US cents.
Executive Chairman Jeff Chatfield said: “The performance of Avation showed growth consistent with an increase in fleet assets and record high monthly lease rental collections as at 30 June 2018. The leasing business delivered the highest revenue and profit in the history of the Company when excluding one-off gains from trading. The Directors are pleased to declare an increased interim dividend of 7.25 US cents per share. Net asset value per share increased to $3.64.
“Avation was successful at redeploying the proceeds generated by sales of aircraft in the previous financial year, adding new aircraft and customers to further grow the fleet and diversify the revenue base. This included investments in twin-aisle Boeing 777-300ER and Airbus A330-300 aircraft alongside new technology narrow-body Airbus A220-300 aircraft…
“Avation will continue to focus on growing the fleet and adding new airline customers in the coming financial year. The Company is currently assessing jet aircraft for acquisition, in addition to the scheduled deliveries of new ATR 72 turboprop aircraft from our order book.”
Shares in Avation climbed by 1.19% to 230.20p (as of 14:00 BST).
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