26th Feb 2021 11:47
(Alliance News) - Avation PLC on Friday said coronavirus hurt its performance in the first half of its current financial year.
The passenger aircraft leasing company said revenue decreased to USD61.3 million in the six months to the end of 2020 from USD67.6 million a year ago, sending Avation to a pretax loss of USD60.5 million from a USD45.2 million profit.
"The pandemic-related disruption to the airline industry has impacted aircraft valuations, and Avation has impaired the value of its fleet and provided for credit losses on receivables," said Executive Chair Jeff Chatfield.
As at the end of 2020, Avation's fleet comprised 46 aircraft, including three aircraft on finance lease.
Fleet assets decreased 6.4% to USD1.16 billion from USD1.24 billion a the end of June 2020.
"The company will position itself for a return to growth through opportunistic aircraft trading and deliveries from its orderbook in the post pandemic environment," added Chatfield.
Avation shares were trading 2.1% lower in London on Friday at 118.00 pence each.
By Evelina Grecenko; [email protected]
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