Avation (LSE:AVAP), the commercial passenger aircraft leasing company, said its fleet is now 100% utilised following new leases for two ATR 72-600 aircraft to Finnair announced on 8 July, taking total unearned contracted lease revenue to approximately $321 million.
The trading update, issued as at 13 July to mark the company's twentieth anniversary, showed a current fleet of 33 aircraft leased to 17 airlines across 17 countries, comprising 13 narrowbody jets, 19 ATR turboprops and one widebody aircraft.
Over its 20-year history, Avation has signed 92 leases with 38 airlines in 28 countries, acquired 78 aircraft worth more than $2 billion, and sold 45 aircraft for over $1 billion in proceeds.
The company cited International Air Transport Association forecasts of 5.1% passenger demand growth in the Asia-Pacific region during 2026, where most of its airline customers are based, alongside supply chain constraints delaying new aircraft deliveries and supporting valuations and lease rates.
Avation has converted five purchase rights into firm orders for ATR 72-600 aircraft this year, bringing its firm orderbook to 13 aircraft for delivery through the fourth quarter of 2029, with a further 19 purchase rights extending to June 2034.
The company repaid $130 million of secured borrowings in the eleven months to 31 May, leaving 10 unencumbered aircraft in its portfolio, after refinancing its unsecured debt in November 2025 through $300 million of Senior 8.5% Notes maturing in 2031.
Avation's unaudited cash balances stood at approximately $105 million as at the date of the announcement.
