Final Results

26th Nov 2009
                                                    AVATION PLC
                                           ('Avation' or the 'Company')
                                       CONSOLIDATED AUDITED RESULTS FOR THE
                                         TWELVE MONTHS ENDED 30 JUNE 2009

Avation, the aircraft leasing company, presents its consolidated audited results for the twelve months to  30  June
2009.

HIGHLIGHTS

    *   Group operating revenues increased by 224% to GBP 16,278,212 (2008: GBP 5,031,679);

    *   Profits attributable to shareholders, excluding an extraordinary, item increased by 81% to GBP 2,645,976
        (2008: GBP 1,462,750).

    *   A final dividend for the year of 0.5p per ordinary share has been proposed by the directors.

Enquires:

Avation PLC
Jeff Chatfield, Chairman                                         07783 942 553

Advisor
Frank Lucas, Loeb Aron & Co.                                     0207 628 1128

Financial Public Relations
Bishopsgate Communications                                       0207 562 3350
Nick Rome/Will Tindall/Giang Nguyen

Websites:  www.avation.net

CHAIRMAN'S STATEMENT

Dear Fellow Shareholders,

On  behalf  of  your  Board of directors, I present to you the audited financial statements  for  Avation  and  its
subsidiaries  for the year ended 30th June 2009 and seek to update you on the progress that the Avation  Group  has
made in this challenging year.

Your Board reports that in respect of the year ending 30th June 2009 the consolidated net profit after tax was  GBP
2,645,976 on revenues of GBP 16,278,212 with earnings per share of 10.4 pence.

The operating businesses had a satisfactory year with excellent and robust cash flows being recorded. Last year the
Company  enjoyed  an  extraordinary gain resulting from the spin off of Capital Lease  Aviation  PLC  as  a  quoted
subsidiary  on  the  AIM market, the profits reported this year are from recurring business with  no  extraordinary
gains.

We  are  all  too  aware  of  the issues and problems extent in the world economy, nevertheless  the  business  has
continued  to  grow  and  we have increased the revenue base by 224%. As at June 30th the asset  base  has  further
increased to GBP 83,053,926.

The Avation Group currently owns 11 modern jet aircraft. The Group continues to seek further aircraft acquisitions.
The  Company was formed via a special dividend from Skywest Airlines Ltd with shares distributed to all of the then
Skywest Airlines Ltd shareholders.

The  revenue and profit base, upon which a sustainable business can grow, is now fully in place and we are  pleased
to note the diversification of the client base which includes international airlines.

Your  Board  recognises the importance of rewarding shareholders - the owners of the Company  and  second  only  in
importance  to our customers. Avation Plc has previously paid dividends and conducted a capital management  program
by  purchasing shares for cancellation. Despite adverse economic conditions, the business continues to prosper, and
therefore  your  Board is recommending to shareholders a final dividend payment of 0.5p per share and  moreover  it
hopes  to maintain a progressive dividend policy going forward. The record date for this final dividend is  the  11
January 2010 and the proposed payment date, subject to shareholder approval at the Annual General Meeting,  is  the
25th January 2010.

The Company and its subsidiaries have secured the bulk of its debt funding at a cost of around 6% per annum. Whilst
the Company believes that it can procure access to further funds for the purchase of aircraft - the availability of
this  type  of  funding with industry specific terms and conditions is by no means guaranteed  or  assured  in  the
current  worldwide  economic climate. Specific aviation risks are also present and include the creditworthiness  of
client airlines.

My  colleagues  and  I  will  continue  to  work tirelessly to build this Company  into  a  respected,  profitable,
diversified, cash generative aircraft leasing business. The Board would like to thank you, the shareholders and all
other  stakeholders, for their continued support and goodwill and look forward with confidence to another  year  in
the development of Avation PLC.

Jeff Chatfield,
Chairman

AVATION PLC
CONSOLIDATED INCOME STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2009

                                                                 2009                        2008
                                                                    £                           £

Revenue                                                    16,278,212                   5,031,679

Cost of sales                                                (871,494)                   (127,739)
                                                           -----------                  ----------

Gross profit                                               15,406,718                   4,903,940

Other operating income                                      1,477,929                     399,942

Administrative expenses                                      (953,657)                   (591,587)

Exceptional item                                                    -                   5,503,165

Other operating expenses                                   (7,167,655)                 (1,414,535)

Finance expenses                                           (3,777,014)                   (655,713)
                                                           -----------                  ----------

Profit before taxation                                      4,986,321                   8,145,212

Taxation                                                     (754,408)                   (782,035)
                                                            ----------                 -----------

Profit after taxation                                       4,231,913                   7,363,177

Minority interests                                         (1,585,937)                   (397,262)
                                                           -----------                  ----------

Attributable to the shareholders                            2,645,976                   6,965,915
                                                           -----------                  ----------
                                                           -----------                  ----------

Earnings per share for continuing and total                                        
operations
- Basic                                                   10.40 pence                 28.75 pence
                                                          -----------                 -----------
                                                          -----------                 -----------

- Fully Diluted                                            9.22 pence                 25.40 pence
                                                          -----------                 -----------
                                                          -----------                 -----------

AVATION PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2009

                                                                 2009                   2008
                                                                    £                      £
ASSETS
------
Current assets:                                                                             
Cash and cash equivalents                                   1,039,321              1,257,525
Trade and other receivables                                 1,575,778                362,866
Inventories                                                       493                    735
                                                            ---------              ---------
Total current assets                                        2,615,592              1,621,126
                                                            ---------              ---------

Non-current assets                                                                 
Property, plant and equipment                              83,053,926             67,419,726
Goodwill                                                    1,324,541              1,324,541
                                                           ----------             ----------
Total non-current assets                                   84,378,467             68,744,267
                                                           ----------             ----------

Total assets                                               86,994,059             70,365,393
                                                           ----------             ----------
                                                           ----------             ----------

LIABILITIES AND EQUITY
----------------------
Current liabilities:                                                               
Trade and other payables                                    3,851,566              2,243,353
Provision for taxation                                        292,823                586,368
Loans and borrowings                                        8,521,911              6,263,715
Short-term provisions                                       1,088,555                299,336
                                                           ----------              ---------
Total current liabilities                                  13,754,855              9,392,772
                                                           ----------              ---------

Non-current liabilities:                                                           
Trade and other payables                                      550,400                323,403
Loans and borrowings                                       40,253,227             37,599,720
Deferred tax liabilities                                    3,208,998              1,825,398
                                                           ----------             ----------
Total non-current liabilities                              44,012,625             39,748,521
                                                           ----------             ----------

Equity attributable to shareholders:                                               
Share capital                                                 255,555                252,700
Share premium                                               1,216,336              1,213,770
Assets revaluation reserve                                  6,760,372              4,454,006
Capital redemption reserve                                      7,000                      -
Foreign currency translation reserve                        1,148,240                 (6,605)
Share option reserve                                           12,788                 12,788
Retained earnings                                           9,897,773              7,386,700
                                                           ----------             ----------
                                                           19,298,064             13,313,359
Minority Interest                                           9,928,515              7,910,741
                                                           ----------             ----------
                                                           29,226,579             21,224,100
                                                           ----------             ----------

Total liabilities and equity                               86,994,059             70,365,393
                                                           ----------             ----------
                                                           ----------             ----------

AVATION PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2009
                                                                                2009                 2008
                                                                                 £                      £
Cash flows from operating activities:                                                           
Total profit                                                               4,231,913            7,363,177
Adjustments for:                                                                                
       Income tax                                                            754,408              782,035
       Depreciation expense                                                4,455,650            1,115,198
       Claim on maintenance reserve                                        2,712,005              299,336
       Gain on dilution                                                            -           (5,503,165)
       Foreign currency exchange adjustment gain                          (1,420,401)                   -
       Share option expense                                                        -               24,968
       Interest expense                                                    3,548,968              655,713
       Interest income                                                       (13,254)            (346,828)
                                                                          -----------           ----------
Operating profit before working capital changes                           14,269,289            4,390,434

       Trade and other receivables                                        (1,212,912)               6,947
       Inventories                                                               242                  (38)
       Trade and other payables                                            1,652,747            2,011,172
       Short-term provisions                                                (453,809)                   -
                                                                          -----------           ----------
Cash from operations                                                      14,255,557            6,408,515

Interest paid                                                             (3,366,505)            (655,713)
Interest received                                                             13,254              346,828
Corporation tax paid                                                      (1,066,989)            (201,384)
                                                                          -----------           ----------
Net cash from operating activities                                         9,835,317            5,898,246
                                                                          -----------           ----------

Cash flows from investing activities:                                                           
       Purchase of property, plant and equipment                          (3,967,069)         (53,735,874)
                                                                          -----------         ------------
Net cash used in investing activities                                     (3,967,069)         (53,735,874)
                                                                          -----------         ------------

Cash flows from financing activities:                                                           
       Net proceeds from issuance of ordinary shares                          12,421              251,500
       Share buyback                                                          (7,000)            (131,266)
       Net proceeds from issuance of subsidiary's shares to                        -           10,791,329
       minority
       Dividends paid                                                       (127,903)            (126,800)
       Proceeds from borrowings                                            3,210,035           39,332,659
       Repayment of borrowings                                            (8,974,547)          (1,774,691)
                                                                          -----------          -----------
Net cash (used in) from financing activities                              (5,886,994)          48,342,731
                                                                          -----------          -----------

Net effect of exchange rate changes in consolidating subsidiaries           (199,458)             (75,923)
                                                                          ------------         ------------

Net increase in cash                                                        (218,204)             429,180
Cash and cash equivalent at beginning of financial year                    1,257,525              828,345
                                                                          -----------          -------------
Cash and cash equivalent at end of financial year                          1,039,321            1,257,525
                                                                          -----------          -------------
                                                                          -----------          -------------

Avation plc