Avation sees revenue above market hopes as fleet expands

11th Jun 2014 07:41

Aircraft leasing company Avation is expanding its fleet to cope with demand as it forecast annual revenue above market hopes.Avation plans to add six aircraft to its 25-strong fleet by the end of 2014 and expects to have 36 by late 2015.It expects net revenue to rise 29% against a year ago to about $55m, which it said was due to being a commercial aircraft operating lessor with known and constant levels of lease revenue income.Pre-tax profit should increase a quarter to about $17.5m and earnings per share is expected to rise by a similar amount to $0.29.Executive Chairman Jeff Chatfield said: "With one month left in this financial year we expect to report strong growth in group revenue and profits. We are encouraged that our strategy is demonstrating such visible growth. "We are focused on continuing to grow our fleet rapidly, diversifying our customer base whilst continually improving profitability."PW