Amedeo Air Four Plus posts a net profit of £34,562,762 for the six months to the end of September compared with £13,751,855 in the period from 16 January to 30 September 2015.

Income totalled £62,653,082 compared with £21,746,386 while expenses rose to £28,090,320 from £7,994,531. The figures included depreciation of aircraft of £25,966,905 this time and £6,223,111 inn 2015.

Chairman Robin Hallam said: "It has been a busy six months with much activity raising new monies and acquiring further aircraft.

"On 13 April we took possession of our sixth A380 for US$275 million directly from Airbus and this was financed by an equity raising of 53 million new shares on 15 March 2016 and third party debt finance.

"On 3 June we issued a circular to all shareholders advising of a 12 month placing programme with an initial equity raising target of £40 million and seeking approval for the acquisition of two new Boeing 777-300ERs to be leased to Emirates Airline."

He continued: "On 6 July we were able to announce the placing of a further 40,250,000 shares at 102 pence to raise £41,055,000 and the first Boeing 777-300ER was acquired on 29 July and the second Boeing was acquired on 19 August.

"The Company now has 342,250,000 shares in issue which, at a market price of 106.375 pence on 30 September 2016, equated to a market capitalisation of £364,068,438.

"The company has now acquired six Airbus A380 and two Boeing 777-300ER aircraft and all eight aircraft are leased to Emirates for a period of 12 years from each respective delivery date with fixed lease rentals for the duration. In order to complete the purchase of the aircraft, subsidiaries of the company entered into debt financing agreements with a senior fully amortising loan and a junior bullet loan.

"The company used the equity proceeds, in addition to the finance agreements, to finance the acquisition of the eight aircraft. Rentals under each lease are sufficient to pay interest and to repay principal on the senior loan, and to pay interest (but not principal) on the junior loan.

"Junior loan principal will be repaid at lease expiry out of the proceeds of the sale, re-lease, refinancing or other disposition of the relevant aircraft or by a further issuance of shares at that time. Emirates bears all costs (including maintenance, repair and insurance) relating to the aircraft during the lifetime of each lease."