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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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September 30, 2021 02:00 ET (06:00 GMT)

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