Avation PLC on Wednesday said that it has continued to benefit from the post-Covid return to air travel, as aircraft market values increased over the last half.

As a result, it expects lease revenue for the year ended June 30 to be $90 million. It noted that overall air passenger traffic is at over 90% of pre-2019 levels, according to IATA’s latest air passenger market analysis report.

During the six months ended June 30, Avation completed the sale of a Boeing 737-800 aircraft and transitioned an ATR 72-600 aircraft to a new airline customer in the Pacific region.

Its fleet is leased to 17 commercial airlines in 14 countries.

Looking ahead, Avation has two firm orders for ATR 72-600 aircraft scheduled for delivery in April and May 2024 and holds a further 28 long-term purchase rights for ATR 72 aircraft. Its 28 purchase rights can be converted to firm orders for ATR aircraft to be delivered prior to June 30, 2027.

As of June 30, Avation had total cash and bank balances of $118.0 million.

It expects to release its full year results around September 28.

Avation shares closed 0.4% lower at 121.50 pence each in London on Wednesday.

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