Avation has completed the sale of two 2003 vintage Airbus A321 aircraft to a US based investor for undisclosed terms. The two aircraft were leased to Thomas Cook Airlines. Avation will use the proceeds to fund new aircraft acquisitions.
"Avation's fleet policy is to sell older aircraft to other lessors when economic conditions permit, reflecting the company's desire to own new aircraft,” said Executive chairman Jeff Chatfield. "In our view a disposal policy for mid-life aircraft is part of a sensible risk mitigation strategy. Management estimates that 85% of the balance sheet value of our aircraft relate to aircraft that are currently less than 5 years old and by this metric we have a relatively modern aircraft fleet."
In the 12 months to June 30, the group reported a 25% increase in lease revenue to US$71.2 million, compared to US$56.9 million in the same period last year.