Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company, has announced unaudited results for the year ended 30 June 2023.
Financial Highlights
· Revenue and other income for the year was $99.3 million, fleet assets were $898.6 million and total assets were $1,179.6 million;
· Net indebtedness reduced by 7.8% to $731.2 million (2022: $792.9 million);
· Total cash and bank balances of $116.9 million (2022: $119.2 million);
· Operating profit of $70.6 million (2022: $90.2 million);
· Profit after tax of $12.2 million (2022: $17.1 million);
· Earnings per share of 17.4 cents (2022: 24.7 cents); and
· South-East Asian airline reduces arrears by $5.1 million since 30 June 2023.
Operational Activity
· Two ATR 72-600 turboprop aircraft and a Boeing 737-800 aircraft were sold during the year;
