Esken Limited Trading Statement (4613N)
30 Settembre 2021 - 8:00AM
UK Regulatory
TIDMESKN
RNS Number : 4613N
Esken Limited
30 September 2021
30 September 2021
Esken Limited
("Esken" or "the Group")
Trading update
Esken, t he aviation and energy infrastructure group, issues the
following update on trading ahead of the publication of its interim
results for the six months to 31 August 2021, which will be
announced on 3 November 2021.
Energy
The Energy Division is trading in line with management's
expectations, returning to pre-COVID-19 levels of profitability and
cash generation, with all the plants that it supplies fully
operational. It is benefitting from improved gate fees and
increased wood supply from the construction sector.
Aviation
The Aviation Division, in line with the industry as a whole, and
as anticipated, continues to feel the effects of the pandemic's
impact on travel. Therefore, the decision taken alongside our
airline partners to delay the restart of commercial passenger
operations to Spring 2022 will further allow LSA to minimise
operating expenditure and maintain tight cost control. LSA
continues to retain GBP19.7m of ring fenced cash following the
completion of Esken's refinancing and management remain confident
in their continuing discussions with airlines ahead of the
beginning of the Summer schedule for 2022. The Global Logistics
Operation generated a contribution in the period under review which
partially offset the impact of reduced passenger operations.
Balance sheet and liquidity
Following the successful completion of the capital raise and
refinancing, the Group had GBP90.5m of liquidity available to it at
the half year, which is ahead of management expectations and
includes GBP19.7m of ring-fenced cash in LSA, and a GBP20m undrawn
Revolving Credit Facility.
Enquiries:
Esken Limited
Charlie Geller, Communications Director
C/O Tulchan Communications
Tulchan Communications 020 7353 4200
Olivia Peters/David Allchurch esken@tulchangroup.com
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END
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