Avation PLC's (LON:AVAP) latest metrics on its fleet of planes showed the company was realising its strategy of using lower age aircraft with long remaining lease terms.
The firm rents out airplanes to airlines around the world, including Thomas Cook and Virgin, and it currently has a fleet of 38 aircraft - up from 31 as at September 30 last year.
The average aircraft fleet age at the end of September this year was 3.2 years (5.4 years in 2015).
The remaining lease term as a weighted average was 7.4 years compared to 5.9 years as at September last year, while all of its 38 strong fleet was in use.
Executive chairman Jeff Chatfield told investors: "The company has purchased and delivered a series of factory new aircraft to airlines during 2016, has sold off mid-life aircraft and has continued to improve average age and lease term metrics.
"Contracted unexpired lease revenue for the fleet, as at 30 September 2016, totals US$752.5 million (30 September 2015: US$550.6 million). Avation seeks to maintain a fleet of aircraft assets with a low average age and long average remaining lease term."
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