In keeping with its strategy to focus on newer aircraft, Avation PLC (LON:AVAP) has completed the sale of two planes.
The leasing firm said the 2003 built Airbus A321 aircraft which were leased to Thomas Cook Airlines have been sold to a US based investor.
The financial terms were not disclosed but the net proceeds will be applied towards funding new aircraft, it added.
Executive chairman Jeff Chatfield told investors: "Avation's fleet policy is to sell older aircraft to other lessors when economic conditions permit, reflecting the company's desire to own new aircraft.
"In our view a disposal policy for mid-life aircraft is part of a sensible risk mitigation strategy. Management estimates that 85% of the balance sheet value of our aircraft relate to aircraft that are currently less than 5 years old and by this metric we have a relatively modern aircraft fleet."
In the 12 months to June 30, the group reported a 25% increase in lease revenue (the amount brought in via leasing out the aircraft) to US$71.2 million, compared to US$56.9mln in the same period last year
EPS (earnings per share) increased 42.5% to 34.2 cents (2015: 24.0 cents), while shareholders will receive an interim dividend of 3.25 US cents against 3 US cents last year.
Shares flew 3.48% higher in early deals to 163.5p.