4th Sep 2014 11:11
LONDON (Alliance News) - Avation PLC, the aircraft procurement and leasing company, Thursday said it made a USD17.3 million pretax profit in the year ended June 30, compared with a USD14.0 million pretax profit a year earlier, as revenue increased to USD52.3 million from USD42.7 million.
Administrative expenses increased to USD7.0 million from USD3.6 million. Finance expenses rose to USD16.9 million from USD13.0 million. Other operating expenses were up to USD15.1 million from USD13.2 million.
Avation's net assets grew by 13% to USD111.3 million. Assets increased by 5.6% to USD416.3 million, as it increased the number of aircraft in its fleet to 25 from 23 over the course of the year. Total liabilities and equity increased to USD416.3 million from USD394.4 million.
"The growth of Avation is set to accelerate in 2015 with an expected 44% increase in the aircraft fleet by way of committed deliveries. Avation is scheduled to deliver eight new ATR 72 aircraft before the end of the 2015 financial year and an additional three ATR 72 aircraft in the second half of calendar year 2015. Furthermore, Avation is actively evaluating additional aircraft acquisition opportunities," Chairman Jeff Chatfield said in a statement.
The company also said it is continuing to evaluate the debt and equity markets in the context of its ongoing requirements, as it looks to minimise the cost of its funding.
"The underlying results for the group were extremely strong despite contributory profits from our 69% owned subsidiary Capital Lease Aviation PLC during the period being less robust than expected," Chatfield added.
Capital Lease Aviation reported a lower profit for its last financial year due to one-off costs and higher administration charges. Its earnings per share fell to 2.83 cents in the year to June 30, down from 4.13 cents a year earlier, as operating and administrative expenses rose and finance costs increased. This more than offset an increase in revenue to USD12.4 million, from USD10.8 million in its previous financial year.
Avation increased its final dividend to 2.01 cents per share from 1.78 cents.
Avation shares were Thursday quoted up 3.2% at 150.20 pence.
By Samuel Agini; [email protected]; @samuelagini
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