Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, announces preliminary unaudited financial results for the year ended 30 June 2022.

Key Financial Results

Profit after tax of $17.1 million (2021: $84.9 million loss); Earnings per share of 24.7 cents (2021: Loss per share 131.2 cents); Net asset value per share increased 63% to GBP2.68 (2021: GBP1.64); Revenue and other income reduced by 3% to $116.4 million (2021: $120.1 million); Net indebtedness was reduced by 14% to $792.9 million (2021: $922.6 million); Unrestricted cash and cash equivalents increased by 41% to $35.3 million (2021: $25.1 million), with total cash and bank balances of $119.2 million (2021: $122.5 million) and Profit before tax (before non-cash loan modification charges) of $34.9 million (2021: Loss before tax $120.5 million).

Operational Highlights

Warehouse loan facility maturity date extended to 30 September 2026; Five aircraft were sold during the year, comprising an Airbus A220-300, an Airbus A321-200 and three ATR 72 turboprops; Placed one ex-Virgin Australia ATR 72 aircraft on lease; Three leases extended including two ATR 72 turboprops and one Airbus A320 jet aircraft; Transitioned an Airbus A320 to a new customer; Repossessed a Boeing 737-800; Philippine Airlines restructuring completed with a Boeing 777-300ER remaining on lease with the airline.

Executive Chairman, Jeff Chatfield, said: 'In the year ended 30 June 2022 Avation has returned to profitability, increased net asset value per share, maintained liquidity, materially lowered net indebtedness and clearly enunciated its new low CO2 strategy. The Company is well positioned to execute its business strategy as the aviation sector returns to pre-pandemic levels of activity.

Contact:

Jeff Chatfield

Tel: +65 6252 2077

Email: investor@avation.net

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