Avation has appointed Andrew Hiscock as CFO today (March 4), with immediate effect.
Hiscock has over 30 years of financial leadership experience, including aviation, aerospace, defence, and construction.
He qualified as a chartered accountant with PricewaterhouseCoopers in London during the 1990s, where he developed a strong technical foundation in audit across industry and commerce sectors, prior to joining GlaxoSmithKline in a series of commercial financial management and control roles.
Hiscock was named finance director of NetJets Europe in the early 2000s, contributing to the company's consolidation as the market leader in European private aviation. He later served as CFO of Hybrid Air Vehicles.
Additionally, the company has converted five of its 24 purchase rights into firm orders for ATR 72-600 aircraft under its long-term purchase contract with ATR. The delivery of the additional aircraft is scheduled for 2028 and 2029.
“The company believes that aircraft shortages are likely to persist for some time, which will enhance the value of lessor order books over the medium term," said Avation executive chairman Jeff Chatfield. ”By exercising these purchase rights for additional new aircraft, the company is strengthening its growth trajectory for 2028 and beyond.
“This latest commitment increases the undelivered ATR 72-600 order book to 14 firm aircraft. The equity investment required for these aircraft is expected to be fully funded from organic cash flows.”
The company has also repurchased 301,067 ordinary shares at 138.85 price per share yesterday. The transaction is part of its approved share buyback programme, which authorises of up to 25% of its issued share capital.