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05 Sep 2019 | 09:33

Aviation posts record profit on higher lease rental revenue

Passenger aircraft leasing company Aviation reported record annual revenue, profit and earnings in the first half of the year boosted by a rise in leasing activity.

For the year ending 30 June 2019, pre-tax profit rose 35% to $25.6m as revenue increased 8% to $119.1m.

Fleet assets increased by 22% to $1.27bn as at 30 June 2019 and lease rental revenue increased by 21% to a record $117.7m.

An interim dividend per share of 8.5 cents was declared, taking total dividends for the financial year to 10.5 US cents, an increase of 45% year-on-year.

'The company acquired twelve aircraft during the year and continued to diversify aircraft types and add new customers to reduce revenue concentration,' said Executive Chairman, Jeff Chatfield.

'Avation sold two narrowbody aircraft during the year, both of which were sold for more than 10% above book value. Narrowbody aircraft represent almost half of the fleet by value. This confirms that Avation's fleet assets are liquid and supports management's view that the group's net realisable value per share exceeds the reported net asset value per share.'

At 9:33am: (LON:AVAP) Avation Plc share price was +4p at 297.5p

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