Avation

AVAP · Main Market · Industrial Goods and Services · mcap £84m · 142.2p

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Financials · LTM to 31 Dec 25

Source: results 30 Sep 26 ↗

Revenue: £82.0m
Operating profit: £47.9m
Net income: £6.3m
Free cash flow: −£7.0m
Net debt: £403m
Market cap: £85.3m
EV / EBIT: 10.2×
FCF yield: −8.2%
Price / book: 0.5×

Latest half-year · H1 Dec 25 vs H1 Dec 24 results 26 Feb 26 ↗

Revenue: £41.8m
Operating profit: £21.9m
Net income: −£3.7m
Cash from operations: −£774k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: FY Jun 26 (twelve months to 30 Jun 26), published 30 Sep 26 · read the results ↗

The income statement could not be read from the annual results announcements – see Key figures.

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	H1 Dec 25US$'000 source	H1 Dec 24US$'000 source
(Loss)/profit from continuing operations	(4,901)	868
Other comprehensive loss
Items may be reclassified subsequently to profit or loss
Net profit/(loss) on cash flow hedge, net of tax	1,468	(2,003)
Total items may be reclassified subsequently to profit or loss	1,468	(2,003)
Items may be reclassified subsequently to profit or loss
Revaluation loss on property, plant and equipment, net of tax	-	(561)
Other comprehensive loss, net of tax	(3,433)	(2,564)
Total comprehensive loss for the period	(3,433)	(1,696)
Total comprehensive loss attributable to
Shareholders of Avation PLC	(3,433)	(1,696)
Non-controlling interests	-	-
	(3,433)	(1,696)
AVATION PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Note 31 Dec 2025 30 Jun 2025
ASSETS US$'000s US$'000s
Non-current assets
Property, plant and equipment	732,665	725,134
Finance lease receivables	3,546	11,129
Trade and other receivables	820	1,005
Pre-delivery aircraft deposits paid	13,086	18,218
Derivative financial assets	393	836
Aircraft purchase rights	86,050	91,740
Lease incentive assets	3,319	4,831
Goodwill	1,902	1,902
Total non-current assets	841,781	854,795
Current assets
Finance lease receivables	8,625	1,734
Trade and other receivables	11,952	9,912
Pre-delivery aircraft deposits paid	14,443	10,960
Derivative financial assets	9	714
Investment in equity, fair value through profit or loss	8,022	9,115
Lease incentive assets	2,892	2,920
Restricted cash	58,784	80,831
Cash investment in fixed term bank deposits	-	1,042
Cash and bank balances	46,004	48,102
Total current assets	150,731	165,330
Assets held for sale	-	81,810
Total current assets	150,731	247,140
Total assets	992,512	1,101,935
EQUITY AND LIABILITIES
Equity
Share capital	1,098	1,234
Share premium	78,924	79,447
Treasury shares	(8,484)	(16,003)
Merger reserve	6,715	6,715
Asset revaluation reserve	62,158	62,158
Capital reserve	8,876	8,876
Other reserves	(206)	(1,406)
Retained earnings	81,265	102,818
Equity attributable to shareholders of Avation PLC	230,346	243,839
Non-controlling interests	7	7
Total equity	230,353	243,846
Non-current liabilities
Loans and borrowings	543,086	582,253
Trade and other payables	19,996	18,843
Derivative financial liabilities	3,044	3,142
Maintenance reserves	35,646	31,360
Deferred tax liabilities	29,775	31,637
Total non-current liabilities	631,547	667,235
Current liabilities
Loans and borrowings	45,638	70,084
Trade and other payables	18,911	19,595
Maintenance reserves	63,197	69,423
Income tax payable	2,866	1,314
Total current liabilities	130,612	160,416
Liabilities associated with assets held for sale	-	30,438
Total current liabilities	130,612	190,854
Total equity and liabilities	992,512	1,101,935
Attributable to shareholders of Avation PLC
Balance at 1 July 2025	7	243,846
Loss for the period	-	(4,901)
Other comprehensive income	-	1,468
Total comprehensive loss	-	(3,433)
Issue of shares	-	86
Purchase of treasury shares	-	(10,132)
Treasury shares re-issue	-	392
Cancellation of treasury shares	-	-
Share warrant expense	-	243
Dividend paid	-	(649)
Total transactions with owners recognised directly in equity	-	(10,060)
Balance at 31 December 2025	7	230,353

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	31 Dec 25US$'000 source
ASSETS
Non-current assets
Property, plant and equipment	732,665
Finance lease receivables	3,546
Trade and other receivables	820
Pre-delivery aircraft deposits paid	13,086
Derivative financial assets	393
Aircraft purchase rights	86,050
Lease incentive assets	3,319
Goodwill	1,902
Total non-current assets	841,781
Current assets
Finance lease receivables	8,625
Trade and other receivables	11,952
Pre-delivery aircraft deposits paid	14,443
Derivative financial assets	9
Investment in equity, fair value through profit or loss	8,022
Lease incentive assets	2,892
Restricted cash	58,784
Cash investment in fixed term bank deposits	-
Cash and bank balances	46,004
Total current assets	150,731
Assets held for sale	-
Total current assets	150,731
Total assets	992,512
EQUITY AND LIABILITIES
Equity
Share capital	1,098
Share premium	78,924
Treasury shares	(8,484)
Merger reserve	6,715
Asset revaluation reserve	62,158
Capital reserve	8,876
Other reserves	(206)
Retained earnings	81,265
Equity attributable to shareholders of Avation PLC	230,346
Non-controlling interests	7
Total equity	230,353
Non-current liabilities
Loans and borrowings	543,086
Trade and other payables	19,996
Derivative financial liabilities	3,044
Maintenance reserves	35,646
Deferred tax liabilities	29,775
Total non-current liabilities	631,547
Current liabilities
Loans and borrowings	45,638
Trade and other payables	18,911
Maintenance reserves	63,197
Income tax payable	2,866
Total current liabilities	130,612
Liabilities associated with assets held for sale	-
Total current liabilities	130,612
Total equity and liabilities	992,512
Attributable to shareholders of Avation PLC
Balance at 1 July 2025	7
Loss for the period	-
Other comprehensive income	-
Total comprehensive loss	-
Issue of shares	-
Purchase of treasury shares	-
Treasury shares re-issue	-
Cancellation of treasury shares	-
Share warrant expense	-
Dividend paid	-
Total transactions with owners recognised directly in equity	-
Balance at 31 December 2025	7

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	FY Jun 26US$'000 source	FY Jun 25US$'000 source
Cash flows from operating activities:
Profit/(loss) before income tax	10,039	(9,722)
Adjustments for
Amortisation of lease incentive asset	1,672	3,141
Depreciation expense	36,396	37,512
Depreciation of right-of-use assets	293	283
Allowance for/(reversal of) expected credit losses	3,040	(80)
Finance income	(4,898)	(6,295)
Finance expense	59,140	62,461
Gain on disposal of aircraft	(4,145)	(3,455)
Interest income from finance leases	(805)	(1,219)
Reversal of impairment loss on aircraft	(7,786)	(4,831)
Maintenance reserves income	(21,565)	(22,086)
Insurance claim recovery - net	(52)	-
Share warrants expense	551	411
Foreign currency exchange (gain)/loss	(383)	2,834
Unrealised loss on aircraft purchase rights and pre-delivery aircraft deposits paid	1,442	21,643
Unrealised loss on equity investments	3,711	1,630
Operating cash flows before working capital changes	76,650	82,227
Movement in working capital
Trade and other receivables and finance lease receivables	(826)	32,147
Pre-delivery aircraft deposits paid	(7,939)	(6,238)
Trade and other payables	5,245	2,625
Maintenance reserves	(725)	17,884
Cash from operations	72,405	128,645
Finance income received	3,452	7,831
Finance expense paid	(41,943)	(43,487)
Income tax paid	(3,115)	(1,486)
Net cash from operating activities	30,799	91,503
Cash flows from investing activities
Dividend income received (money market funds)	923	-
Cash receipt from/(investment) in fixed term bank deposits	1,042	(1,042)
Purchase of property, plant and equipment	(40,201)	(63,249)
Proceeds from settlement of insurance claims	33,432	-
Proceeds from disposal of aircraft	55,376	39,556
Net cash from/(used in) investing activities	50,572	(24,735)
Cash flows from financing activities
Net proceeds from issuance of ordinary shares	162	6,532
Purchase of treasury shares	(15,185)	(16,003)
Dividend paid	(649)	(450)
Decrease/(increase) of restricted cash balances	28,294	13,548
Proceeds from loans and borrowings, net of transactions costs	350,426	109,146
Repayment of loans and borrowings	(440,080)	(155,000)
Net cash used in financing activities	(77,032)	(42,227)
Net increase in cash and cash equivalents	4,339	24,541
Cash and cash equivalents at beginning of year	48,102	23,561
Cash and cash equivalents at end of year	52,441	48,102

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	H2 Jun 26US$'000 calc.	H1 Dec 25US$'000 source	H2 Jun 25US$'000 calc.	H1 Dec 24US$'000 source
Loss before taxation	–	(5,681)	–	(9,769)
Amortisation of lease incentive asset	132	1,540	1,513	1,628
Depreciation expense	18,294	18,102	18,913	18,599
Depreciation of right-of-use assets	149	144	142	141
Provision for/( reversal of) expected credit losses	–	54	–	(85)
Finance income	(2,465)	(2,433)	(2,144)	(4,151)
Finance expense	25,956	33,184	37,165	25,296
Amortisation of IFRS 9 gain on debt modification of the unsecured notes	–	4,188	–	7,440
Gain on disposal of aircraft	-	(4,145)	(1,742)	(1,713)
Interest income from finance lease	–	(420)	–	(780)
Reversal of impairment loss on aircraft	(7,786)	-	(3,429)	(1,402)
Maintenance reserves income	(11,266)	(10,299)	(12,816)	(9,270)
Share warrants expense	308	243	189	222
Foreign currency exchange loss/(gain)	–	74	–	(1,231)
Unrealised gain on aircraft purchase rights and pre-delivery aircraft deposits paid	–	4,234	–	15,389
Unrealised loss on equity investments	2,618	1,093	1,506	124
Operating cash flows before working capital changes	36,772	39,878	41,789	40,438
Trade and other receivables and finance lease receivables	200	(1,026)	2,462	29,685
Pre-delivery aircraft deposits paid	(6,805)	(1,134)	(1,702)	(4,536)
Trade and other payables	3,959	1,286	1,819	806
Maintenance reserves	21,354	(22,079)	12,446	5,438
Cash from operations	55,480	16,925	56,814	71,831
Finance income received	725	2,727	2,595	5,236
Finance expense paid	(21,156)	(20,787)	(21,515)	(21,972)
Income tax refund/paid	–	98	–	(514)
Net cash (used in)/from operating activities	–	(1,037)	–	54,581
Cash investment in fixed term bank deposits	–	1,042	–	(39,274)
Purchase of aircraft and aircraft engine	–	(21,394)	–	(15,682)
Proceeds from disposal of aircraft	(30,438)	85,814	19,766	19,790
Net cash from/(used in) investing activities	(14,890)	65,462	10,431	(35,166)
Net proceeds from issuance of ordinary shares	76	86	390	6,142
Purchase of treasury shares	(5,053)	(10,132)	(1,041)	(14,962)
Dividend paid	-	(649)	-	(450)
Decrease of restricted cash balances	6,247	22,047	(26,669)	40,217
Proceeds from loans and borrowings, net of transactions costs	48,285	302,141	109,146	-
Repayment of loans and borrowings	(60,064)	(380,016)	(113,253)	(41,747)
Net cash used in financing activities	(10,509)	(66,523)	(31,427)	(10,800)
Net (decrease)/increase in cash and cash equivalents	6,437	(2,098)	15,926	8,615
Cash and cash equivalents at beginning of financial period	–	48,102	–	23,561
Cash and cash equivalents at end of financial period	–	46,004	–	32,176

	FY Jun 26	FY Jun 25
Revenue to operating profit
Revenue	82.0	85.1
EBITDA	73.9	82.8
Operating profit	47.9	35.9
Depreciation (owned assets)	27.1	29.0
Depreciation (right-of-use)	0.2	0.2
Share-based payments	0.4	0.3
Operating profit to net income
Finance costs	44.1	48.3
Profit before tax	7.5	(7.5)
Net income (owners)	6.3	(6.0)
Per share
EPS basic	1,008.0p	(817.8p)
Dividend per share	113.2p	72.9p

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Revenue to operating profit
Revenue	40.2	41.8	42.2	42.9
Adjusted EBITDA	–	40.3	–	43.0
Operating profit	26.0	21.9	21.3	14.6
Depreciation (owned assets)	13.6	13.5	14.6	14.4
Depreciation (right-of-use)	0.1	0.1	0.1	0.1
Share-based payments	0.2	0.2	0.1	0.2
Operating profit to net income
Finance costs	68.8	(24.8)	67.9	(19.6)
Profit before tax	11.7	(4.2)	0.1	(7.6)
Net income (owners)	9.9	(3.7)	(6.6)	0.7

	FY Jun 26	FY Jun 25
Operating activities
Cash from operations	22.9	70.8
Interest paid	(31.3)	(33.6)
Tax paid	(2.3)	(1.1)
Investing activities
Capex (PP&E)	(30.0)	(48.9)
Financing activities
Dividends paid	(0.5)	(0.3)
Share buybacks	(11.3)	(12.4)
Shares issued	0.1	5.1

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Operating activities
Cash from operations	23.7	(0.8)	28.5	42.3
Interest paid	(15.7)	(15.5)	(16.6)	(17.0)
Tax paid	(2.4)	0.1	(0.8)	(0.4)
Investing activities
Capex (PP&E)	(14.0)	(16.0)	(36.8)	(12.2)
Financing activities
Dividends paid	0.0	(0.5)	0.0	(0.3)
Share buybacks	(3.7)	(7.6)	(0.8)	(11.6)
Shares issued	0.1	0.1	0.3	4.8

	30 Jun 26	30 Jun 25
Non-current assets
Goodwill	–	1.4
Property, plant & equipment	–	528.5
Other investments	–	6.6
Non-current assets	–	623.0
Current assets
Trade receivables	–	7.2
Cash	–	35.1
Current assets	–	180.1
Total assets	–	803.2
Current liabilities
Trade payables	–	14.3
Borrowings, current	–	51.1
Current liabilities	–	139.1
Non-current liabilities
Borrowings, non-current	–	424.4
Equity
Non-controlling interests	–	0.0
Total equity	–	177.7
Net cash and other figures
Net cash / (debt) incl. leases	(395.1)	(440.4)

	30 Jun 26	31 Dec 25	30 Jun 25
Non-current assets
Goodwill	–	1.4	1.4
Property, plant & equipment	–	544.0	528.5
Other investments	–	6.0	6.6
Non-current assets	–	625.1	623.0
Current assets
Trade receivables	–	8.9	7.2
Cash	–	34.2	35.1
Current assets	–	111.9	180.1
Total assets	–	737.0	803.2
Current liabilities
Trade payables	–	14.0	14.3
Borrowings, current	–	33.9	51.1
Current liabilities	–	97.0	139.1
Non-current liabilities
Borrowings, non-current	–	403.3	424.4
Equity
Non-controlling interests	–	0.0	0.0
Total equity	–	171.0	177.7
Net cash and other figures
Net cash / (debt) incl. leases	(395.1)	–	(440.4)

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.