Avation, the commercial passenger aircraft leasing company, posts record revenues and profits for the year to the end of June - its 10th year as a public company Operating profits rose by 35.6% to $45.6 million and lease revenue increased by 25.0% to $71.2 million. Total profit after tax increased 37.6% to $18.3 million (2015: $13.3 million) and operating cash flows increased 20.9% to $52.5 million (2015: $43.5 million). Earnings per share increased 42.5% to 34.2 cents (2015: 24.0 cents) and the interim dividend per share to increase by 8.3% to 3.25 US cents (2015: 3.00 US cents). Executive chairman Jeff Chatfield said: "We are pleased to report that, for the Financial Year, Avation produced record revenue, profit and earnings. Lease revenue increased by 25.0% to $71.2 million and EPS increased by 42.5% to 34.2 cents. "During the Financial Year, the value of Avation's aircraft assets increased by 67.0% to $725 million. Avation has added nine aircraft to its fleet on a net basis. As each aircraft was acquired or delivered, monthly lease revenue increased. Revenue growth accelerated during the second half, a period in which six new aircraft were delivered. "Fleet metrics improved with the weighted average age of the aircraft fleet decreasing from 5.3 to 4.2 years and the weighted average remaining lease term increasing to 6.8 years. Avation's strategy includes the acquisition of new aircraft and to maintain a low average age of the fleet. The fleet's lease yield for the Financial Year was 12.3%. "Increased scale and containment of costs resulted in improved profitability, with operating profit margin increasing to 64.0% and total profit after tax margin increasing to 25.7%. Avation is well positioned for continued growth."
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