- Full-year pre-tax profit more than doubles from £24.7mn to £56.8mn
- EPS almost trebles to 17.1p in 12 months to 31 March 2023
- NAV rises 8.7 per cent to £341mn (112.3p)
- Quarterly dividend per share of 1.75p
- 15.5 per cent dividend yield and 59.5 per cent discount to NAV
The airline industry nose-dived during the pandemic, but is now firmly in the ascent. Industry-wide revenue is forecast to bounce back to 93 per cent of pre-pandemic levels this year, buoyed by strong growth in international travel and the re-opening of China’s borders. It is driving a strong profit recovery, too; the International Air Transport Association (IATA) predicts an annual net profit of $4.7bn (£3.7bn) across the industry.
This is good news for Asian airlines. It’s also good news for a UK aircraft leasing fund, Amedeo Air Four Plus (AA4:45.5p), which owns a fleet of 12 widebody aircraft purchased between 2014 and 2018 for $2.74bn (£2.1bn) and leased on 12-year terms to Dubai-backed Emirates Airlines (six A380s and two B777s) and Thai Airways (four A350s). Emirates has made all its payments to date and is expected to honour all its lease obligations. The airline recorded a $2.9bn net profit in its 2022-23 financial year. The Thai fleet leases have been extended by six years as part of that airline’s financial restructuring.