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Avation back in profit as airline industry recovers from Covid

Stock Markets Sep 29, 2022 08:40
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© Reuters. Avation back in profit as airline industry recovers from Covid
 
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Avation PLC (LSE:AVAP) swung back into profit in its latest financial year as the travel sector bounced back from Covid.

The commercial aircraft lessor posted an after tax profit of US$17.1mln in the year to June 2022, against a loss of US$84.9mln a year earlier.

Net asset value per share jumped by nearly 63% to £2.68 per share, while net debt dropped 14% to US$793mln.

Revenue and other income eased by 3% to $116mln

Jeff Chatfield, executive chairman, said there had been a significant recent recovery in passenger numbers and the airline industry generally

Fleet utilisation improved as unutilised aircraft have been repositioned or sold, he said, and he expected the recovery would continue.

“The company is optimistic about a future for the leasing industry characterised by high demand for aircraft as the global fleet builds and transitions to low CO2 technology in the coming years.”

Avation has also seen increased levels of interest from airlines to buy or lease aircraft at sustainable lease rates, noted Chatfield, with senior lenders willing to lend against aircraft assets and improved utilisation of aircraft.

“These factors confirm the emergence of the industry from the pandemic.”

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Avation back in profit as airline industry recovers from Covid
 

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