Profits rise 38.7% at Aviation plc
Profits at aeroplane leasing firm, Aviation plc, rose by 38.7% to £2.8m in the six months ending in December last year.
Revenues also rose by 26.4% to nearly £13m while earnings per share were up 21.7% to 6.44 pence.
The company, which is incorporated in Britain but runs from a Singaporean office, said it had increased its fleet of aircraft from 15 to 19 with a value of £174m.
A further seven aircraft will be added to Aviation’s fleet by 2014 and commercial funding has already been secured to buy another five aeroplanes this year.
Jeff Chatfield, Aviation’s chairman, commented: "The Board of Directors are pleased with the development of the Avation business, in particular the core aircraft delivery program of 22 ATR72 aircraft for firm delivery in 2013 and 2014, and remains committed to the build-out of the ARAN Alliance and other identified fleet opportunities in the Australian and Asian regions.
“The business continues to perform strongly, providing consistent and defined IRR's, cash yields and predictable capital returns from aircraft investments.
“Looking forward, we are confident that our business provides for continued and sustainable growth in 2013 and beyond."