https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 19 Oct 2018 02:33:08 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181018100334_13833827/ Thu, 18 Oct 2018 10:03:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181018100334_13833827/ <![CDATA[RNS press release - INTERIM DIVIDEND EXCHANGE RATE ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181012110440_13827013/ Fri, 12 Oct 2018 11:04:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181012110440_13827013/ <![CDATA[RNS press release - ISSUE OF EQUITY EXERCISE OF WARRANTS DIRECTOR DEAL ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181012110012_13826997/ Fri, 12 Oct 2018 11:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181012110012_13826997/ <![CDATA[News - Avation sells Airbus A321-200 aircraft to Asian buyer in portfolio diversification push ]]> https://www.proactiveinvestors.co.uk/companies/news/206257/avation-sells-airbus-a321-200-aircraft-to-asian-buyer-in-portfolio-diversification-push-206257.html Commercial aircraft leaser Avation PLC (LON:AVAP) has sold a 23-month old Airbus A321-200 aircraft to an Asian buyer in a push to diversify its portfolio.

The company said it had entered into a sale and purchase agreement with the buyer that was expected to close before the end of the month, with the price tag around the current market value for an aircraft of this type and age.

READ: Avation delivers first ATR 72-600 aircraft to Danish Air Transport

Jeff Chatfield, executive chairman of Avation, said the sale of the aircraft was “purely for risk management and portfolio diversification reasons”, adding that the sale was aimed at reducing financial exposure to one operator and jurisdiction.

Chatfield also said the company’s book value for the aircraft was materially lower than the current market value due to an “advantageous initial purchase”.

In late-afternoon trading Wednesday, Avation shares were up 0.8% at 252.5p.

--Adds share price--

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Wed, 03 Oct 2018 07:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206257/avation-sells-airbus-a321-200-aircraft-to-asian-buyer-in-portfolio-diversification-push-206257.html
<![CDATA[RNS press release - JET PORTFOLIO TRANSACTION ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181003070002_13813977/ Wed, 03 Oct 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181003070002_13813977/ <![CDATA[News - Avation delivers first ATR 72-600 aircraft to Danish Air Transport ]]> https://www.proactiveinvestors.co.uk/companies/news/206091/avation-delivers-first-atr-72-600-aircraft-to-danish-air-transport-206091.html Avation PLC (LON:AVAP) has delivered the first new ATR 72-600 aircraft to Danish Air Transport (DAT) as part of a leasing deal signed in August.

Jeff Chatfield, executive chairman of Avation, said the aircraft was delivered at ATR’s facility in Toulouse for a 12-year lease at market rate.

READ: Avation bumps up dividend after a year of diversifying revenue base

The agreement, for two ATR 72-600’s, has the second aircraft scheduled for delivery in October.

In lunchtime trading Monday, Avation shares were up 0.2% at 250p.

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Mon, 01 Oct 2018 12:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206091/avation-delivers-first-atr-72-600-aircraft-to-danish-air-transport-206091.html
<![CDATA[RNS press release - ATR 72 DELIVERY TO DANISH AIR TRANSPORT ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181001095946_13810901/ Mon, 01 Oct 2018 09:59:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20181001095946_13810901/ <![CDATA[RNS press release - BUSINESS DESCRIPTION AND ANNUAL REPORT PUBLICATION ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180921072623_13799662/ Fri, 21 Sep 2018 07:26:23 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180921072623_13799662/ <![CDATA[News - Avation sees further growth after solid 2018 results as it carries out expansion plan ]]> https://www.proactiveinvestors.co.uk/companies/news/205346/avation-sees-further-growth-after-solid-2018-results-as-it-carries-out-expansion-plan-205346.html Avation PLC (LON:AVAP) is confident of delivering another year of growth after solid 2018 results as it focuses on expanding its fleet and attracting new airline customers.

In the year to 30 June 2018, the commercial passenger aircraft leasing company said revenue increased by 16% to US$109.1mln from US$94.2mln last year after adding five new aircraft.

"The performance of Avation showed growth consistent with an increase in fleet assets and record high monthly lease rental collections as at 30 June 2018,” said executive chairman Jeff Chatfield.

“The leasing business delivered the highest revenue and profit in the history of the company when excluding one-off gains from trading.”

Investing in growth 

Avation used the proceeds generated by sales of aircraft in the previous year to grow its fleet in 2018. This included investments in twin-aisle Boeing 777-300ER and Airbus A330-300 aircraft alongside new technology narrow-body Airbus A220-300 aircraft.

It also reduced the risks associated with its portfolio of aircraft through repositioning of the fleet, growth and diversification.

"Fleet metrics improved with the average age of the fleet reduced to 3.2 years and the average remaining lease term increased to 7.7 years as at 30 June 2018 with no operating leases expiring until 2021,” Chatfield said.

"Added scale and diversification delivered credit enhancement that saw credit rating upgrades from both S&P and Fitch Ratings and also allowed the issuance of $300 million 6.5% Senior Notes due 2021, which extended debt maturity duration and lowered Avation's average cost of debt compared to the previous financial year,” Chatfield said.

Profit before tax fell to US$18.92mln from US$21.36mln but this was due to one-off items. Fleet assets increased by 38% to US$1.03bn. The net asset value per share grew by 12% to US$3.64.

Shareholders rewarded with dividend hike

Reflecting its confidence in the outlook, Avation bumped up its dividend for the year to 7.25 cents from 6 cents the year before.

For the 2019 fiscal year, Avation believes it can continue to attract airline customers, acquire aircraft and obtain the required funding for growth.

“The company is currently assessing jet aircraft for acquisition, in addition to the scheduled deliveries of new ATR 72 turboprop aircraft from our order book,” Chatfield said. 

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Thu, 20 Sep 2018 07:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205346/avation-sees-further-growth-after-solid-2018-results-as-it-carries-out-expansion-plan-205346.html
<![CDATA[RNS press release - WARRANT ISSUE AND DIRECTORS' DEALING ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180907100025_13782933/ Fri, 07 Sep 2018 10:00:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180907100025_13782933/ <![CDATA[News - Avation bumps up dividend after a year of diversifying revenue base ]]> https://www.proactiveinvestors.co.uk/companies/news/204308/avation-bumps-up-dividend-after-a-year-of-diversifying-revenue-base-204308.html Commercial aircraft leasing group Avation PLC (LON:AVAP) bumped up the dividend by more than a fifth after a solid year.

The dividend per share was cranked up to 7.25 cents from 6 cents the year before after a year in which the group reduced the risks associated with its portfolio of aircraft. Five new aircraft were added to the fleet during the year, including three new aircraft types.

READ: Avation adds another aircraft to leased fleet

"Avation was successful at redeploying the proceeds generated by sales of aircraft in the previous financial year, adding new aircraft and customers to further grow the fleet and diversify the revenue base. This included investments in twin-aisle Boeing 777-300ER and Airbus A330-300 aircraft alongside new technology narrow-body Airbus A220-300 aircraft,” commented Jeff Chatfield, the executive chairman of Avation.

Revenue in the year to the end of June rose 16% to US$109.1mln from US$94.2mln but thanks to paper-based gains and losses of aircraft sales in the reporting period and the year before, the profit before tax declined to US$18.92mln from US$21.36mln. The net asset value per share increased over the year by 12% to US$3.64.

"The performance of Avation showed growth consistent with an increase in fleet assets and record high monthly lease rental collections as at 30 June 2018. The leasing business delivered the highest revenue and profit in the history of the Company when excluding one-off gains from trading,” Chatfield revealed.

"Fleet metrics improved with the average age of the fleet reduced to 3.2 years and the average remaining lease term increased to 7.7 years as at 30 June 2018 with no operating leases expiring until 2021.

"Added scale and diversification delivered credit enhancement that saw credit rating upgrades from both S&P and Fitch Ratings and also allowed the issuance of $300 million 6.5% Senior Notes due 2021, which extended debt maturity duration and lowered Avation's average cost of debt compared to the previous financial year,” Chatfield said.

READ: Avation credit rating outlook revised to positive by Standard & Poor's

Looking ahead, Chatfield said Avation will continue to focus on growing the fleet and adding new airline customers.

“The company is currently assessing jet aircraft for acquisition, in addition to the scheduled deliveries of new ATR 72 turboprop aircraft from our order book," Chatfield said.

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Thu, 06 Sep 2018 07:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204308/avation-bumps-up-dividend-after-a-year-of-diversifying-revenue-base-204308.html
<![CDATA[RNS press release - PRELIM FINANCIAL RESULTS FOR 2018 YEAR ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180906070001_13780469/ Thu, 06 Sep 2018 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180906070001_13780469/ <![CDATA[RNS press release - INVESTOR UPDATE CALL AND RESULTS ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180831070004_13773771/ Fri, 31 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180831070004_13773771/ <![CDATA[News - Avation adds new client as it leases two ATR 72-600 planes to Danish Air Transport ]]> https://www.proactiveinvestors.co.uk/companies/news/202943/avation-adds-new-client-as-it-leases-two-atr-72-600-planes-to-danish-air-transport-202943.html Passenger aircraft leasing group Avation PLC (LON:AVAP) has signed leases with Danish Air Transport for the supply of two new ATR 72-600 aircraft.

The leases are for 12 years and Avation will deliver the twin-engine turboprops in September and October this year.

READ: Avation adds another aircraft to leased fleet

DAT, which operates a fleet of 23 aircraft, is paying for the planes in euros, so Avation has secured matching euro matching euro financing to mitigate its currency exposure.

“The company is pleased to welcome DAT as an addition to the company's airline client base,” said executive chairman Jeff Chatfield.

“The company continually seeks long-term leases and these two 12-year leases align with our strategy. The addition of DAT is also a further step in the strategy of the company to diversify its customer portfolio.”

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Wed, 15 Aug 2018 09:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202943/avation-adds-new-client-as-it-leases-two-atr-72-600-planes-to-danish-air-transport-202943.html
<![CDATA[RNS press release - AVATION PLC LEASES TWO ATR 72-600 AIRCRAFT TO DAT ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180815085147_13756152/ Wed, 15 Aug 2018 08:51:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180815085147_13756152/ <![CDATA[News - Avation adds another aircraft to leased fleet ]]> https://www.proactiveinvestors.co.uk/companies/news/201232/avation-adds-another-aircraft-to-leased-fleet-201232.html Avation PLC (LON:AVAP) told investors that it has acquired and leased a second new Airbus A220-300 aircraft to airBaltic.

It is a 12-year lease, beginning July 19, and it is priced at the market rate.

"We have expanded our fleet with a second delivery to Air Baltic and we are proud to be associated with this growing and popular airline,” said Jeff Chatfield, Avation executive chairman.

READ: Avation estimates revenue jump for full-year

“The Bombardier CS300 aircraft has been rebranded the Airbus A220-300 following completion of the acquisition of a majority stake in the C Series Aircraft Limited Partnership by Airbus.

“The A220-300 seats 130-160 passengers and has a range of up to 3,300 nautical miles. Avation is pleased to be involved with this programme as a Lessor and we are optimistic about the sales prospects for this new-technology, fuel efficient aircraft type."

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Fri, 20 Jul 2018 10:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201232/avation-adds-another-aircraft-to-leased-fleet-201232.html
<![CDATA[RNS press release - Acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180720101803_13725745/ Fri, 20 Jul 2018 10:18:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180720101803_13725745/ <![CDATA[RNS press release - CFO APPOINTMENT AND RESULTS TIMETABLE CORRECTION ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180718071803_13722027/ Wed, 18 Jul 2018 07:18:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180718071803_13722027/ <![CDATA[News - Avation estimates revenue jump for full-year following fleet expansion ]]> https://www.proactiveinvestors.co.uk/companies/news/199921/avation-estimates-revenue-jump-for-full-year-following-fleet-expansion-199921.html Avation PLC (LON:AVAP) has predicted a revenue jump in a trading update ahead of its full-year results following an expansion in its fleet of aircraft.

The commercial aircraft leasing group said its business was operating in line with expectations, with revenue for the full-year estimated at around US$109mln, over 15% higher than the previous year.

READ: Avation delivers first CS300 aircraft to airBaltic

Avation’s executive chairman, Jeff Chatfield, said the group had also expanded its fleet size by almost 40% over the previous year, with two additional new aircraft scheduled for delivery early into the new financial year.

The group also said it had completed a US$300mln issue of notes under a US$1bn Global Medium Term Note (GMTN) programme.

Avation added that following the notes issue Fitch Ratings had upgraded its corporate credit rating to ‘BB-‘ from ‘B+’, with its outlook stable.

The company will release its full-year results for the year ended 30 June 2018 on September 6.

In lunchtime trading Monday, Avation shares were up 1.7% at 228.5p.

-- Adds share price --

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Mon, 02 Jul 2018 07:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199921/avation-estimates-revenue-jump-for-full-year-following-fleet-expansion-199921.html
<![CDATA[RNS press release - INTERIM MANAGEMENT STATEMENT ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180702070003_13700440/ Mon, 02 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180702070003_13700440/ <![CDATA[News - Avation delivers first CS300 aircraft to airBaltic ]]> https://www.proactiveinvestors.co.uk/companies/news/199005/avation-delivers-first-cs300-aircraft-to-airbaltic-199005.html Avation PLC (LON:AVAP) has announced it has acquired and leased one factory new C Series CS300 aircraft to airBaltic, the Latvian hybrid carrier.

The commercial passenger aircraft leasing company said the lease commenced on 15 June 2018 and is for 12 years and is at market lease rates.

READ: Avation inks long-term lease agreements with airBaltic for two new Bombardier CS300s

Jeff Chatfield, executive chairman of Avation, said: “This aircraft is the first acquisition in a series of two aircraft.”

He added: “It is the first delivery for Avation of the new-technology single-aisle CS300 aircraft and we are pleased to be involved as a Lessor to the programme.”

“The addition of this new aircraft type and new customer further enhances the diversity of the company’s portfolio,” he concluded.

 

 

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Mon, 18 Jun 2018 07:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199005/avation-delivers-first-cs300-aircraft-to-airbaltic-199005.html
<![CDATA[RNS press release - FIRST CS300 DELIVERY TO AIR BALTIC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180618070004_13682602/ Mon, 18 Jun 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180618070004_13682602/ <![CDATA[News - Avation inks long-term lease agreements with airBaltic for two new Bombardier CS300s ]]> https://www.proactiveinvestors.co.uk/companies/news/198765/avation-inks-long-term-lease-agreements-with-airbaltic-for-two-new-bombardier-cs300s-198765.html Avation PLC (LON:AVAP) is to lease out two new Bombardier CS300 planes to Latvian airline airBaltic.

The leases are both for 12 years and will be delivered to the airline straight from the factory.

READ: Avation signs 12-year operating lease with Taiwanese air transport group

Bombardier’s C Series the only new-technology single-aisle aircraft specifically designed to serve the 100-150 seat market, Avation said.

“The company is pleased to welcome airBaltic as an addition to the company's airline client base,” said executive chairman Jeff Chatfield.

“The company seeks long-term leases and these two 12-year leases align with our strategy. The company continues to diversify its aircraft portfolio and recognises the importance of new technology single-aisle aircraft such as the CS300.”

He added: “Avation has a view that the C Series joint venture with Airbus and Bombardier may increase sales volume of the programme.”

Avation shares edged 0.7% higher to 217p in early deals.

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Wed, 13 Jun 2018 08:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198765/avation-inks-long-term-lease-agreements-with-airbaltic-for-two-new-bombardier-cs300s-198765.html
<![CDATA[RNS press release - AVATION PLC LEASES TWO BOMBARDIER CS300 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180613070005_13677189/ Wed, 13 Jun 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180613070005_13677189/ <![CDATA[News - Avation signs twelve year operating lease with Taiwanese air transport company ]]> https://www.proactiveinvestors.co.uk/companies/news/198097/avation-signs-twelve-year-operating-lease-with-taiwanese-air-transport-company-198097.html Avation PLC (LON:AVAP) has secured a twelve-year operating lease to supply one ATR 72-600 aircraft to Far Eastern Air Transport Corp of Taiwan.

The commercial aircraft leasing group said it had entered into a conditional letter of intent with Far Eastern Air and would begin configuration of the aircraft to customer specifications for an expected delivery in September 2018.

READ: Avation extends long-term lease on Airbus A320 aircraft by a further seven years

The company added that it had now placed one out of the three remaining 2018 ATR 72 deliveries in its aircraft order book.

Jeff Chatfield, executive chairman of Avation, said: "Avation's strategy is to continue to diversify its lessee operator base and we welcome Far Eastern Air Transport Corp. of Taiwan as a customer. The ATR 72 is still the most popular and, on a per-seat-basis, the most fuel efficient commercial turboprop aircraft globally."

In May, the company said it had extended the lease for an Airbus A320 aircraft by a further seven years.

The company said the lease for the aircraft was due to expire on 18 May 2018 but has now been extended to 18 May 2025 with the existing operator.

In late morning trading, Avation shares were up 0.23% at 218p.

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Fri, 01 Jun 2018 11:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198097/avation-signs-twelve-year-operating-lease-with-taiwanese-air-transport-company-198097.html
<![CDATA[RNS press release - SENIOR NOTES REDEMPTION AND DIRECTORS' DEALING ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180601105419_13663667/ Fri, 01 Jun 2018 10:54:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180601105419_13663667/ <![CDATA[RNS press release - LONG-TERM AIRCRAFT LEASE ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180601102336_13663567/ Fri, 01 Jun 2018 10:23:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180601102336_13663567/ <![CDATA[News - Avation extends long-term lease on Airbus A320 aircraft by a further seven years ]]> https://www.proactiveinvestors.co.uk/companies/news/196803/avation-extends-long-term-lease-on-airbus-a320-aircraft-by-a-further-seven-years-196803.html Avation PLC (LON:AVAP) has announced that it has extended the lease for an Airbus A320 aircraft by a further seven years.

The company said the lease for the aircraft was due to expire on 18 May 2018 but has now been extended to 18 May 2025 with the existing operator.

READ: Avation credit rating outlook revised to positive by Standard & Poor’s

The commercial passenger aircraft leasing company said the lease is at market rate for the age of the aircraft.

Following the process of entering into this lease extension, the company added, it now has no operating leases due to expire until the year 2021.

Jeff Chatfield, Avation's executive chairman, said: “The company seeks long duration operating leases and seeks to reduce near term remarketing risk.”

He added: “A seven year lease extension with the existing airline on A320-232 with serial number 1922 fits within company’s strategy.”

“Concurrently with entering into this lease extension we will repay the bank loan secured on the aircraft which will then be an unencumbered asset of the company,” he concluded.  

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Fri, 11 May 2018 07:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196803/avation-extends-long-term-lease-on-airbus-a320-aircraft-by-a-further-seven-years-196803.html
<![CDATA[RNS press release - LONG-TERM AIRCRAFT LEASE AND EXPIRY HORIZON ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180511070002_13637169/ Fri, 11 May 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180511070002_13637169/ <![CDATA[RNS press release - REDEMPTION OF 7.5% SENIOR NOTES DUE 2020 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180510085359_13636043/ Thu, 10 May 2018 08:53:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180510085359_13636043/ <![CDATA[RNS press release - PRICING OF 6.5% SENIOR NOTES DUE 2021 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180504070004_13629770/ Fri, 04 May 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180504070004_13629770/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180430070006_13622674/ Mon, 30 Apr 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180430070006_13622674/ <![CDATA[RNS press release - UPDATE OF $1B GLOBAL MEDIUM TERM NOTE PROGRAMME ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180424092724_13616052/ Tue, 24 Apr 2018 09:27:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180424092724_13616052/ <![CDATA[News - Avation credit rating outlook revised to positive by Standard & Poor's ]]> https://www.proactiveinvestors.co.uk/companies/news/195071/avation-credit-rating-outlook-revised-to-positive-by-standard-poor-s-195071.html Avation PLC (LON:AVAP) said its credit rating outlook has been revised to ‘Positive’ from ‘Stable’ by ratings agency Standard & Poor’s (S&P).

WATCH: Avation PLC's 'never looked stronger' - CFO Richard Wolanski

The commercial aircraft leasing company said S&P had also affirmed their ‘B+’ long-term issuer credit rating as well as their ‘B’ long-term issue rating on the medium-term notes program that Avation guarantees and the US$150mln senior unsecured notes under the program.

Avation shares were steady at 222.5p in late-afternoon trading Monday.

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Mon, 16 Apr 2018 15:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195071/avation-credit-rating-outlook-revised-to-positive-by-standard-poor-s-195071.html
<![CDATA[RNS press release - CREDIT RATING ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180416144026_13606146/ Mon, 16 Apr 2018 14:40:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180416144026_13606146/ <![CDATA[RNS press release - ADMISSION OF NEW SHARES AND TOTAL VOTING RIGHTS ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180326084547_13580702/ Mon, 26 Mar 2018 08:45:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180326084547_13580702/ <![CDATA[RNS press release - ISSUE OF EQUITY ON EXERCISE OF WARRANTS ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180320070002_13572782/ Tue, 20 Mar 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180320070002_13572782/ <![CDATA[News - Avation's lease income to rise by nearly a fifth says finance boss ]]> https://www.proactiveinvestors.co.uk/companies/news/193101/avation-s-lease-income-to-rise-by-nearly-a-fifth-says-finance-boss-193101.html Richard Wolanski, aircraft lessor Avation PLC’s (LON:AVAP) chief financial officer, has told Proactive he expects bumper revenues in the second half of the year.

The group ended the first half of the year (December) with 37 aircraft, a record size for its fleet, but the full benefit only started to come through from January.

WATCH: Avation PLC's 'never looked stronger' - CFO Richard Wolanski

“In terms of revenue guidance, because we have that record fleet all through the second half of the financial year we are collecting about US$9.6mln a month in lease revenues.

“Keep in mind that the reported half-year revenue number was about US$42mln, any simple maths will tell you that 9.6×6 months will see us generating over US$57.5mln in lease revenue in the second half.

“Now that’s the clearest guidance we can give on revenue and that's the clearest guidance we’ve ever given on revenue.

“It’s going to be a very large leap from the first half to the second half.”

"That’s the nature of these assets if you buy aircraft in December," he added.

US$57.5mln revenue in second half 

“While they turn up on the balance sheet those assets obviously haven’t generated any rent or only for a few days in December and so they’re going to be generating lease revenue all through the second half and so it’s going to be a very strong second half.”

Avation earned lease revenues of US$49.1mln in the second half of 2016/17, so revenue of US$57.5mln would equal an uplift of at least 17%.

The acquisition of the aircraft in December also meant the fleet’s value topped US$1bln for the first time.

It is the youngest ever fleet with the longest attached lease terms ever in the history of the company, Wolanski added, so as a portfolio of income-producing assets "we've never looked stronger".

“We’ve been going now for 12 years and the business model is to buy brand-new aircraft and lease them for long periods of time to the airlines.

“The risks that we face are in the residual value of the aircraft that we have to buy and sell at periods of time and (because these airlines are paying us rent effectively) to diversify into a broader range of very strong airline customers."

Four strong customers added

On that front, he said Avation has added four new airline customers to take the total to 12 from 8.

“The four airline customers that we picked up are among the strongest on our books:  EasyJet, but also Philippine Airlines, Eva Air and Mandarin Airlines, so a couple in Asia as well.”

“I think if you look at the history of Avation, we’ve never changed our business model.

Double every 2 and half years

“We’ve been around for 12 years and certainly in the last five or six years the reason why investors look to this stock and buy the stock is while we do pay a 2% yield dividend, this is a company that doubles in size on average about every two and a half years and if you look at the last five or six years the share price has followed that.

“We have just delivered 35% asset growth in the first half of the financial year, you’ll see the lease revenue and the earnings from that growth be generated in the second half and for all periods to come.

"We’re still 10% off our record highs in terms of share price, but the company's never been larger, the rental roll has never been bigger, the revenues have never been bigger and the earnings are certainly going to be strong.”

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Tue, 13 Mar 2018 15:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193101/avation-s-lease-income-to-rise-by-nearly-a-fifth-says-finance-boss-193101.html
<![CDATA[Media files - Avation PLC's 'never looked stronger' - CFO Richard Wolanski ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8872/avation-plc-s-never-looked-stronger-cfo-richard-wolanski-8872.html Tue, 13 Mar 2018 12:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8872/avation-plc-s-never-looked-stronger-cfo-richard-wolanski-8872.html <![CDATA[News - Avation expects revenue pick-up as fleet value tops US$1bn ]]> https://www.proactiveinvestors.co.uk/companies/news/192159/avation-expects-revenue-pick-up-as-fleet-value-tops-us1bn-192159.html Civil airline lessor Avation PLC’s (LON:AVAP) fleet is now worth over US$1bn following a spate of purchases in December.

Avation started to re-jig its portfolio last June when it sold six ATR turbo-prop planes, which it replaced with its first twin-aisled jet (a Boeing 777-300ER) and three others in December.

READ: Avation confirms delivery of Airbus A320-200 to easyJet

Jeff Chatfield, executive chairman, added that he expects a material increase in lease revenue over the remainder of the year as a result of the re-shaped fleet.

Four new airlines have become customers, while the fleet now comprises 37 aircraft.

The bulk of the jets are Airbuses (12) alongside 19 ATR turbo-props.

WATCH: Avation PLC's 'never looked stronger' - CFO Richard Wolanski

Avation posted lower lease income of US$41.7mln (US$45.1mln) due to the reduction of the fleet at the start of this latest half-year though total revenues rose by 16% to US$52.4mln.

Interim profits to December dropped 13% to US$7.72mln, though cash inflow more than doubled to US$64.3mln.

Chatfield said the lower lease revenue reflected Avation starting the period with a smaller fleet following the ATR sale.

“The sale of these aircraft de-risked the portfolio by lowering airline concentration and released equity which facilitated the acquisition of four new aircraft in December 2017.”

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Mon, 26 Feb 2018 07:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192159/avation-expects-revenue-pick-up-as-fleet-value-tops-us1bn-192159.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180226070002_13544898/ Mon, 26 Feb 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180226070002_13544898/ <![CDATA[RNS press release - FIRST HALF 2018 RESULTS AND INVESTOR UPDATE CALL ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180219070002_13537076/ Mon, 19 Feb 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180219070002_13537076/ <![CDATA[RNS press release - ADMISSION OF NEW ORDINARY SHARES AND DIRS DEALING ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180126094710_13510903/ Fri, 26 Jan 2018 09:47:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180126094710_13510903/ <![CDATA[RNS press release - ISSUE OF EQUITY ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180119113530_13503001/ Fri, 19 Jan 2018 11:35:30 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180119113530_13503001/ <![CDATA[RNS press release - MANDARIN EXPECT ENTRY INTO SERVICE IN FEBRUARY ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180116115155_13498136/ Tue, 16 Jan 2018 11:51:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180116115155_13498136/ <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180102070003_13481209/ Tue, 02 Jan 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20180102070003_13481209/ <![CDATA[News - Avation completes deliveries to Mandarin Airlines ]]> https://www.proactiveinvestors.co.uk/companies/news/189337/avation-completes-deliveries-to-mandarin-airlines-189337.html Aircraft lessor Avation PLC (LON:AVAP) has delivered a third new ATR 72-600 aircraft to Mandarin Airlines, a subsidiary of Taiwan's flag carrier, China Airlines.

Jeff Chatfield, Avation’s executive chairman, said: "We are pleased to have completed this delivery programme before the end of 2017 and to be the lessor selected by Mandarin Airlines to introduce the ATR 72-600 into their fleet.

READ: Avation confirms delivery of Airbus A320-200 to easyJet

“Globally the ATR 72-600 is the most popular regional turboprop aircraft and provides our airline customers with the most cost effective solution for regional operations.

READ: Avation makes first twin-aisle aircraft delivery

“This aircraft [MSN1473] is the company's 31st ATR 72-600 new aircraft delivery."

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Fri, 29 Dec 2017 09:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/189337/avation-completes-deliveries-to-mandarin-airlines-189337.html
<![CDATA[RNS press release - THIRD ATR 72-600 DELIVERY TO MANDARIN AIRLINES ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171229083153_13480179/ Fri, 29 Dec 2017 08:31:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171229083153_13480179/ <![CDATA[RNS press release - AIRBUS A330 ACQUISITION ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222123050_13476346/ Fri, 22 Dec 2017 12:30:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222123050_13476346/ <![CDATA[RNS press release - APPOINTMENT OF LEGAL COUNSEL ]]> https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222074738_13475604/ Fri, 22 Dec 2017 07:47:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3819/LSE20171222074738_13475604/