Avation PLC TRADING STATEMENT (9275D)
July 01 2019 - 2:00AM
UK Regulatory
TIDMAVAP
RNS Number : 9275D
Avation PLC
01 July 2019
AVATION PLC
("Avation" or "the Company")
TRADING UPDATE AND INTERIM MANAGEMENT STATEMENT
Trading Update
Avation PLC (LSE: AVAP), the commercial passenger aircraft
leasing company provides the following update in respect of trading
performance for the year ended 30 June 2019.
The Company's leasing business is anticipated to report record
revenue for the year ended 30 June 2019. Management estimates that
lease rental revenue will be US$117.7 million (unaudited),
representing an increase of more than 20% over the prior year (2018
comparable: US$97.6 million).
Operational Update
As at 30 June 2019 Avation's fleet comprised 48 aircraft (2018:
38 aircraft) having acquired or delivered twelve aircraft and
completed the sale of two aircraft during the year. Avation's
airline customers increased to 17 (2018: 13).
Avation will continue to focus on growing the fleet and adding
new airline customers in the coming financial year. The Company is
currently assessing aircraft for acquisition, in addition to the
scheduled deliveries of new ATR 72-600 aircraft.
Finance Update
Avation issued US$50 million of notes, by way of a tap, through
the Global Medium Term Note programme in November 2018.
Subsequently fleet growth has, in the main part, been funded with
senior secured debt. These new loans are at a comparatively low
cost. As a result, Avation has been able to lower the estimated
average cost of debt to 4.6% (2018: 5.0%).
The Company's management believes that Avation has adequate
liquidity and flexibility in its credit facilities to fund
additional short-term fleet growth.
Results Timetable
Avation intends to release its unaudited results for the
financial year ending 30 June 2019 at 7:00am (BST) on 5 September
2019. The Company will hold a conference call for shareholders and
bondholders at 1:00pm (BST) on 5 September 2019. Dial-in details
for the conference call will be published in due course.
Additional Interim Dividend
In late 2018 Avation paid an interim dividend of 2.0 US cents
per share in respect of the six months ended 31 December 2018. The
Company expects to declare an additional interim dividend on 5
September 2019 together with the release of year end unaudited
financial statements.
Should the results be within expectations, the Company confirms
its aim to maintain a progressive dividend policy. As such, the
additional interim dividend together with the initial 2.0 US cent
dividend is expected to exceed the dividend of 7.25 US cents paid
for the financial year ended 30 June 2018.
The Company's Executive Chairman, Jeff Chatfield, said: "The
Company has continued to perform strongly in the year ended 30 June
2019 by producing record revenues, growing the fleet, adding new
customers and diversifying investment into new aircraft types.
Avation's fleet assets and monthly lease rental collections are at
record levels and weighted average age and lease term metrics
remain strong. Avation is well placed to continue to grow in the
coming financial year."
-ENDS-
Enquiries:
Avation PLC - Jeff Chatfield, Executive Chairman +65 6252 2077
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 international airlines.
More information on Avation is available at www.avation.net.
Avation welcomes shareholder questions and comments and advises the
email address is: investor@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.
END
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