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21 Feb 2019 | 09:43

Avation nearly doubles profits as leasing revenue swells to record

Aircraft leasing company Avation said Thursday profits nearly doubled as leasing revenue swelled to record.

For the six months ended 31 December 2018, profit before tax rose 95% to $14.2m. Revenue increased 11% to £58.23m and earnings per share increased 97% to 21.6 cents.

Lease rental revenue increased by 40% to a record $58.2m.

Total assets increased by 9% since 30 June 2018 to a record $1,256.1m The company said it had acquired four aircraft during the period and was expected to deliver seven additional new aircraft into the fleet prior to 30 June 2019, including four Airbus A220-300 jets to be delivered to airBaltic. 'Avation posted record revenue, profit and total assets for the period ended 31 December 2018. The Company generated a strong first half result with profit and EPS approximately double that of the comparable half year period,' said Executive Chairman, Jeff Chatfield. 'Avation ends the financial period with a strong cash position and seven additional new aircraft expected to be delivered prior to 30 June 2019. The Company believes it has sufficient liquidity to fund further fleet growth and is currently assessing a number of assets for acquisition.'

At 9:43am: (LON:AVAP) Avation Plc share price was -0.5p at 286.5p

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