1st Jul 2019 11:37
(Alliance News) - Avation PLC on Monday said it intends to award its shareholders with an additional payout following "record" revenue growth in its recently ended financial year.
The passenger aircraft leasing company said it expects to report "record" revenue for the year that ended last Friday, with lease rental revenue at USD117.7 million, up 20% from USD97.6 million a year prior.
As at Friday last week, Avation's fleet comprised 48 aircraft compared to 38 aircraft at the end of financial 2018. The company said it acquired twelve aircraft and completed the sale of two during the year. Avation's airline customers increased to 17 from 13 last year.
Looking ahead, the company said it intends to continue to focus on growing its fleet and adding new airline customers in the coming financial year.
Avation said it is currently assessing aircraft for acquisition, in addition to the scheduled deliveries of new ATR 72-600 aircraft.
In addition, the company said it expects to declare an additional interim dividend in September, having paid 2.0 US cents a share for the first half of the year. The total annual payout, therefore, is expected to exceed the dividend of 7.25 US cents paid for the financial year 2018.
"The company has continued to perform strongly in the year ended June 30 by producing record revenues, growing the fleet, adding new customers and diversifying investment into new aircraft types," said Executive Chair Jeff Chatfield.
"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," added Chatfield.
The company said it will publish its annual results on September 5.
The stock was trading 3.8% higher on Monday at 276.00 pence a share in London on Monday.
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