1st Dec 2021 17:37
(Alliance News) - Commercial passenger aircraft leasing firm Avation PLC reported a positive outlook on Wednesday as the airline industry slowly returns to more normal operations.
Avation said it was "optimistic" about the long-term opportunity for air travel and that the company intended to position itself for a return to growth through acquisitions and the delivery of its order book in a post-pandemic environment.
Avation's largest five customers, which make up almost 70% of monthly revenue, are either in current or compliance with repayment plans.
Additionally, 14 of 17 airline customers are now being charged normal monthly rental levels following previous programmes of support by the company.
Cash inflows for the reminder of the financial year are expected to be boosted through the settlement of aircraft sales, collections from insolvency proceedings related to Virgin Australia and Philippine Airlines and from collections of outstanding amounts related to rent deferral arrangements and the increase in receivables as a result of Covid-19.
Shares closed down 1.1% at 89.50 pence on Wednesday in London.
By Heather Rydings; [email protected]
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