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Avation: revenues continue to grow as aircraft fleet increases

26-Jul-2013 7:37 AM

Avation PLC provided (23-Jul-2013) a trading update for the financial year ending 30-Jun-2013. Highlights include: 

  • Group revenues are expected to rise by 22% compared to the prior year to USD42.7 million; this revenue figure exceeds published market expectations;
  • Additions to fleet in the second half of the year:
  • Avation's total aircraft fleet now stands at 23 units;
  • Ten more aircraft are on firm order for delivery before the end of 2014;
  • Contracted growth is 43 per cent - to a fleet size of around 34 aircraft;
  • Underwritten Open Offer oversubscribed by 160%.

Executive chairman and founding director Jeff Chatfield said: "Trading has been very robust in the period and this is clearly reflected in the strong growth of our revenues. We are focused on our strategy of growing our fleet rapidly and diversifying our customer base. This strategy is clearly working for us and I am very encouraged by the high level of growth which is already locked in. I am hopeful that there is even more to come. Given the contracted growth we are looking forward to 2014 with confidence." On the trading outlook, the company said: "The directors have an expectation of a substantial increase in Group revenues for the year ending 30 June 2013. These are expected to increase by 22 per cent over the previous year to around USD 42.7 million (2012: USD 35 million). These are Directors' unaudited estimates. Several aircraft deliveries are expected in the next 12 months. [more - original PR]