Final Results

AVATION PLC
                                           ('Avation' or the 'Company')
                                       CONSOLIDATED AUDITED RESULTS FOR THE
                                         TWELVE MONTHS ENDED 30 JUNE 2008

Avation, the aircraft leasing company, presents its consolidated audited results for the twelve months to  30  June
2008.

HIGHLIGHTS

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

    *       The group has obtained a $150,000,000 finance facility for the acquisition of additional aircraft;

    *       Group operating revenues increased by 179% to GBP 5,031,679 (2007 : GBP 1,806,251);

    *       Earnings per share were 28.75 pence; and

    *       Profits  attributable to shareholders increasing to GBP 6,965,915 (2007: GBP 547,585),  this includes
            extraordinary gains and ongoing business.

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
Maxine Barnes
Nick Rome, Nick Farmer

Websites:  www.avation.net

AVATION PLC (the "Company")
CHAIRMAN'S STATEMENT

Dear Fellow Shareholders,

On  behalf  of your board of directors I present to you the audited financial statements for Avation  PLC  and  its
subsidiaries for the year ended 30th June 2008 and seek to appraise you of the progress that the Avation group  has
made.

Your board is pleased to report that in respect of the year ending 30th June 2008 the consolidated net profit after
tax was GBP 6,965,915 with earnings per share of 28.75 pence.

The numbers in the foregoing paragraph speak for themselves and are all the more satisfactory as your company is in
its  early  growth stage. Nevertheless a substantial fraction of the profit increase resulted from the creation  of
Capital  Lease Aviation PLC ("CLA") as a subsidiary and the gains therefrom. The operating businesses  also  had  a
satisfactory year with excellent and robust cash flows being recorded across the group.

Despite  a challenging economic backdrop for the world economy as a whole, some firms continue to prosper and  your
Company  - Avation Plc - is one such extraordinary business. As at June 30th the asset base of the group had  grown
to GBP 70,365,393 which is representative of the value of the aircraft owned by the Company.

The Avation group currently owns 11 aircraft. This number is likely to increase as one of its subsidiaries, CLA, is
looking  to acquire additional aircraft.  CLA has recently announced that it has secured a further USD $150,000,000
of  revolving  credit to be used for aircraft acquisitions, this funding is in the form of a "warehouse  facility".
The Company and all its subsidiaries, including CLA, manages to mitigate credit maturation risk by closely aligning
the  finance  for  aircraft acquisitions to match the corresponding lease term of the aircraft  -  this  is  a  key
differential from some other aircraft lessors.

The Company was formed via a special dividend from Skywest Airlines Ltd with shares distributed in specie to all of
the  then  Skywest Airlines Ltd shareholders. Avation PLC was intended to support Skywest Airlines Ltd by providing
aircraft  leasing  facilities and continues to do so. Your Company is now growing in all  senses  inasmuch  as  its
universe of customers now includes large international airlines and the aircraft owned by the group are of  diverse
types.

Your  Board  recognises the importance of rewarding shareholders - the owners of the Company  and  second  only  in
importance to our customers. Avation Plc has paid dividends and conducted a capital management program by buying in
shares  for  cancellation.  Despite the current economic and financial problems extant, the  Company  continues  to
prosper, and therefore your board is recommending to shareholders a final dividend payment of 0.5p per share and it
hopes to maintain a progressive dividend policy going forward. The record date for this final dividend is the  11th
of  November 2008 and the proposed payment date, subject to shareholder approval at the Annual General Meeting,  is
the 5th January 2009.

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 obtain access to further funds for the purchase of aircraft,  access  to
funding nevertheless remains a risk, this risk is common to all businesses that are capital intensive such as  your
business. Specific aviation risks are also present and include the credit worthiness of client airlines in the wake
of  the unprecedented surge in the price of jet fuel and the crisis of confidence in world financial structures and
institutions.

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

In  due  course  an  annual  report  and notice of meeting for the Annual General  Meeting  will  be  sent  out  to
shareholders and will be available on the Company website at www.avation.net

Jeff Chatfield
Chairman

AVATION PLC
CONSOLIDATED INCOME STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2008 (Audited)

                                                               Year              Period  ended
                                                              ended            
                                                             30 June               30 June
                                                               2008                  2007
                                                                £                     £

Continuing operations and acquisitions                                             

Revenue                                                     5,031,679              1,806,251

Cost of sales                                                (127,739)              (560,242)

Gross profit                                                4,903,940              1,246,009

Other operating income                                         53,114                 53,457

Administrative expenses                                      (890,923)              (175,395)

Exceptional item                                            5,503,165                   -

Other operating expenses                                   (1,115,199)              (165,257)

Finance income and expenses                                  (308,885)              (179,415)

Profit before taxation                                      8,145,212                779,399

Taxation                                                     (782,035)              (231,814)

Profit after tax                                            7,363,177                547,585

Minority interests                                           (397,262)                  -

Attributable to the shareholders                            6,965,915                547,585

Earnings per share for continuing and total                                        
operations
- Basic                                                     28.75 pence            3.01 pence

- Fully Diluted                                             25.40 pence            1.96 pence

AVATION PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2008

                                                                  2008                   2007
                                                                   £                      £
ASSETS                                                                                             
Current assets:                                                                                    
Cash and cash equivalents                                   1,257,525               828,345
Trade and other receivables                                   362,866               369,813
Inventories                                                       735                   697
Total current assets                                        1,621,126             1,198,855

Non-current assets                                                                 
Property, plant and equipment                              67,419,726              9,473,546
Goodwill                                                    1,324,541              1,324,541
Total non-current assets                                   68,744,267             10,798,087

Total assets                                               70,365,393             11,996,942

LIABILITIES AND EQUITY                                                             
Current liabilities:                                                               
Trade and other payables                                    1,963,385                192,323
Provision for taxation                                        586,368                197,458
Loans and borrowings                                        6,263,715                985,890
Short-term provisions                                         299,336                -
Deferred income                                               279,968                121,198
Total current liabilities                                   9,392,772              1,496,869

Non-current liabilities:                                                           
Trade and other payables                                      323,403                242,063
Loans and borrowings                                       37,599,720              5,319,577
Deferred tax liabilities                                    1,825,398                939,018
Total non-current liabilities                              39,748,521              6,500,658

Equity attributable to shareholders:                                               
Share capital                                                 252,700                191,142
Share premium                                               1,213,770              1,155,094
Assets revaluation reserve                                  4,454,006              2,130,503
Share option reserve                                           12,788                 -
Foreign currency translation reserve                           (6,605)               (24,909)
Retained earnings                                           7,386,700                547,585
                                                           13,313,359              3,999,415
Minority Interest                                           7,910,741              -
                                                           21,224,100              3,999,415

Total liabilities and equity                               70,365,393             11,996,942

AVATION PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2008
                                                                            30 June 2008          30 June 2007
                                                                                  £                     £
Cash flows from operating activities:                                                           
Total profit                                                               7,363,177                547,585
Adjustments for:                                                                                
       Income tax                                                            782,035                231,814
       Depreciation expense                                                1,115,198                163,240
       Gain on dilution                                                   (5,503,165)                   -
       Share option expense                                                   24,968                    -
       Interest expense                                                      655,713                186,197
       Interest income                                                      (346,828)                (8,950)
Operating profit before working capital changes                            4,091,098              1,119,886

       Trade and other receivables                                             6,947               (369,813)
       Inventory                                                                 (38)                  (697)
       Trade and other payables                                            1,852,402                434,387
       Short-term provisions                                                 299,336                    -
       Deferred income                                                       158,770                121,198
Cash from operations                                                       6,408,515              1,304,961

Interest paid                                                               (655,713)              (186,197)
Interest received                                                            346,828                  8,950
Corporation tax paid                                                        (201,384)               (34,356)
Net cash from operating activities                                         5,898,246              1,093,358

Cash flows from investing activities:                                                           
       Purchase of property, plant and equipment                          (53,735,874)           (6,585,135)
Net cash used in investing activities                                     (53,735,874)           (6,585,135)

Cash flows from financing activities:                                                           
       Net proceeds from issuance of ordinary shares                          251,500                   -
       Share buyback                                                         (131,266)                  -
       Net proceeds from issuance of subsidiary's shares to                10,791,329                   -
       minority
       Dividends paid                                                        (126,800)            -
       Proceeds from borrowings                                            39,332,659             6,620,655
       Repayment of borrowings                                             (1,774,691)             (315,188)
Net cash from financing activities                                         48,342,731             6,305,467

Net effect of exchange rate changes in consolidating subsidiaries             (75,923)               14,655

Net increase in cash                                                          429,180               828,345
Cash and cash equivalent at beginning of financial year                       828,345              -
Cash and cash equivalent at end of financial year                           1,257,525               828,345

Avation plc