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Avation PLC

Avation exercises options to acquire eight new ATR aircraft

The passenger aircraft leasing firm said the eight ATR 72-600 planes would extend business growth in regional turboprops out to 2022

ATR 72-600 aircraft
The aircraft are scheduled to be delivered between 2020 and 2022

Avation PLC (LON:AVAP) has exercised an option to acquire new aircraft from manufacturer ATR, with deliveries scheduled between 2020 and 2022.

The passenger aircraft leasing firm said the eight ATR 72-600 planes would extend its order book and firm delivery horizon, with business growth in regional turboprops now continuing out to 2022.

READ: Avation delivers second ATR 72-600 turboprop plane to Danish Air Transport

Jeff Chatfield, Executive Chairman of Avation, added that the company had also maintained its purchase rights and price protection over a further 25 aircraft extending to December 2025.

“We believe that the market for the ATR 72-600 will continue to be strong as the aircraft is the most fuel-efficient aircraft in its class and dominates sales in its market segment,” he said.

The new agreement follows the delivery of an ATR 72-600 by Avation to Danish Air Transport in November, with the company having leased two of the aircraft to DAT on 12-year leases.
In early trading Thursday, Avation shares were up 1.7% at 262p.

Quick facts: Avation PLC

Price: £2.86

Market: LSE
Market Cap: £183.28 m
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