Avation at cruising altitude with solid portfolio of airline customers

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  • Avation updates on revenue collection and cash as it manages pandemic impact
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Quick facts: Avation PLC

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Avation PLC is a commercial passenger aircraft leasing company that was incorporated in England and Wales in 2006 and whose shares are admitted to the standard segment of the UK listing authority’s official list and are traded on the Main Market of the London Stock Exchange (LSE: AVAP).

Avation owns and manages a fleet of aircraft which it leases, through its subsidiaries, to airlines across the world. Our customers include Loganair, Virgin Australia, Air France, easyJet, Eva Air, Philippine Airlines, Air India, Vietjet Air, Fiji Airways, Mandarin Airlines, Cebu Pacific, Garuda Indonesia, Galistair, airBaltic and Danish Air Transport. The company’s fleet includes Airbus A320 and A220 aircraft, Boeing 737 NG and 777-300ER aircraft, ATR 72 and Fokker 100 aircraft.

09 Jun 2021

() updated investors on its current revenue collection and cash situation as it supported its customers through the effects of the Coronavirus (COVID-19) pandemic.

In a trading update on its status as of March 31, the commercial aircraft leasing firm said at the outbreak of the pandemic it instituted a programme of support for its airline customers, offering short-term interest-bearing deferrals for portions of their rent in the form of loans. The firm said the cashflow impact of this programme has been mitigated by adjusting the amortisation profiles of related financings with the agreement of lenders and a US$10.5mln equity raise in March.

To date, the company said it has provided support to 14 of its airline customers with agreements to defer a total of US$25.9mln of rent, adding that the impact on cashflow has been mitigated by secured lenders agreeing to reschedule US$32.7mln of loan amortisation payments.

Meanwhile, the company said revenue collection has been “challenging” due to the disruption caused by COVID-19, reporting that for the quarter to March 31, it achieved an overall cash collection rate of 71% across all of its leases, a six-fold increase over the six months to December 31, 2020, while revenues for the quarter came in at US$91mln.

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14 May 2021

() said it has sold one of its ATR 72-600 aircraft with manufacturer number 1591 at current market rates to a regional aircraft lessor.

The aircraft leasing firm said the plane is currently on lease to US-Bangla Airlines, Bangladesh’s largest private airline by fleet size.

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22 Mar 2021

() has delivered a new ATR 72-600 aircraft, with manufacturer’s serial number 1591, to the South Asian airline US-Bangla Airlines.

Jeff Chatfield, Avation’s executive chairman, said: “We are pleased to complete this third operating lease transaction with US-Bangla Airlines.

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Avation PLC is a specialist commercial passenger aircraft leasing company managing a fleet of aircraft which it leases to airlines across the world. Our customers include Loganair, Air France, easyJet, Eva Air, Philippine Airlines, Air India, Vietjet Air, Fiji Airways, Mandarin Airlines, Cebu…

on 26/3/21

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