What Avation does
Listed on the main board of the London Stock Exchange, the company’s customers include Flybe, Virgin Australia, Air France, easyJet, Eva Air, Philippine Airlines, Air India, Vietjet Air, Fiji Airways, Mandarin Airlines, Cebu Pacific, Garuda Indonesia, Galistair, airBaltic and Danish Air Transport.
The company’s current fleet is comprised of 49 aircraft including Boeing and Airbus models.
How it's doing
In June, Avation, said it had a strong cash balance and that some of its main airline customers were returning to service as coronavirus travel restrictions are loosened.
Results for the nine months to March 31, which Avation said were being released as a one-off to provide updated information about the business’s financial position amid the uncertain times in financial markets, showed pre-tax profit up 173% to US$46.6mln on revenue up 14% to US$99.6mln.
Net asset value per share increased by 10% to 324p and at the end of March, the aircraft leasing group had a cash balance of US$131.6mln
What the boss says: Jeff Chatfield, Executive Chairman
"Immediately at the outset of the COVID-19 pandemic, Avation instituted a programme of support for some of its airline customers to defer for later payment certain portions of their rent in the short term.
"The cashflow impact of this support programme has been mitigated by adjusting the amortisation profiles of the relevant financings with the agreement of lenders.”
- Air travel returns to normality
- Avation still signing deals with customers
- Balance sheet is strong