Avation PLC

Good afternoon, ladies and gentlemen. Welcome to the Ovation four-year results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions at any time and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today, and we'll publish those where it's appropriate to do so. Before we begin, we'd like to submit the following poll, and I'm sure the company would be most grateful for your participation. And I'd now like to hand over in the first instance to Group General Counsel, Duncan Scott. Good afternoon.

Thanks, and good afternoon to everyone. Today, on 26 September, Evasion published its unaudited financial results for the year ended 30 June 2024. A copy of our results announcement is available on our website at www.evation.net. This conference call is being webcast and recorded and the webcast will be available for replay on our website. Please note that certain statements in this conference call, including answers to your questions, are forward-looking statements, including without limitation statements regarding our future operations and performance, revenues, operating expenses, other income and expense items. These statements and any projection as to the company's future performance represent management's estimates of future results and speak only as of today, 26 September 2024. These estimates involve risks and uncertainties that could cause actual results to differ materially from expectations. Further information on the factors and risks that may affect Ovation's business are included in Ovation's regulatory announcements, including its annual report and unaudited results announcements. Ovation assumes no obligation to update any forward-looking statements or information in light of new information or future events. Unauthorised recording of this conference call is not permitted. I will now hand over to Executive Chairman Geoff Chapfield.

Thank you, Duncan. Thank you, shareholders, once again for joining the results presentation which was published today. Clearly, it's a very strong and positive result. If you look at the results forecast, the results outcome was very strong. The net profit, remember that there's a million a month in IFRS 9 non-cash amortization going through that. So in reality, it's an extremely strong profit for shareholders. Talking about the company as it is now, the snapshot at 30th of June, we had 34 aircraft, 16 customers all over the world. We have 16, 14 countries. We have a split of all types of aircraft, wide-body, narrow-body, turboprop. We have 7.3 years weighted average aircraft age, 4.1 year weighted average remaining lease term, $1.1 billion in total asset value as of 30 June, and we have $406 million in unearned contracted receivables, which excludes... maintenance reserves, net maintenance reserves, which are disclosed in the results announcement. In terms of the aircraft portfolio, we have 15 ATR-72-600s. We have six A321-200s, a couple of wide-body aircraft. So we're well diversified. Investors generally ask about our order book and our purchase rights. So we have 12 ATR72s on order. So the next two obviously will be delivered this year and they've been effectively pre-sold. The next one for delivery is at the end of next year. So it's actually quite a long way away. And when we talk about the order book, and the purchase rights. It's a 10-year program. It's not an instant thing. These come in in two and three years. So it's sort of the ordinary course of business to place them. It is fairly slow. It is a 10-year program. It's more or less, because the company generates cash, it's more or less self-funded in a way, depending on how we trade them. But it's a slow growth program. But where it gets us to is, you know, on the face of it, doubles the size of the company over 10 years, which is an interesting situation to be in. If you look at a bit more detail, as I said, we're, you know, they're all over the world. At the moment, there's nothing in the United States and the ATR are making an effort to enter the United States market because clearly the US regional market is, the number of aircraft available is shrinking because nothing's been made and ATR is the only sort of viable option for some of the regional travel. So we would expect in the years to come that the ATR will enter the market and I think they've just appointed a sales director for that region. Otherwise, our current fleet is spread all over the place. We've got a mixture of credits, which is good. Diversification in this business is really good, and we're very pleased with the performance of our clients and what's, you know, the recovery from COVID and the growth in the market. In terms of the results, I'll now hand over to Ian to run through the results.