Avation Share News (AVAP)

LONDON (Alliance News) - Avation PLC on Friday said it has managed to continue fully utilising its fleet of aircraft despite adding four new aircraft to its portfolio since the start of 2016.

"The company has delivered a series of brand new aircraft to airlines during 2016; these aircraft have added scale and also improved the age and lease term metrics," said Executive Chairman Jeff Chatfield.

Avation had a fleet of 37 aircraft at the end of March, rising 12% from the 33 aircraft on its books at the end of 2015. By adding new aircraft to its portfolio, Avation has managed to bring down the average age of its aircraft to 4.5 years from 5.2 years at the end of 2015.

Despite growing its fleet, all of its aircraft are being utilised, and the remaining lease term average at the end of March stood at 6.7 years, rising from 5.7 years at the end of December.

Between February and March, Avation released a string of news stating it had delivered two new Airbus A321-200 aircraft to Thomas Cook Airlines Ltd, part of holiday operator Thomas Cook Group PLC, under 12-year leases, and also had delivered a fourth ATR 72-600 aircraft to UK regional airline Flybe Group PLC on a six-year deal.

Back in February, Avation released its first half results, which revealed the company's pretax profit fell to USD5.6 million from USD7.0 million as an interest expense related to its global medium-term note programme offset a 14% rise in revenue to USD31.5 million.

Avation shares were up 2.3% to 136.0 pence per share on Friday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.