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(Alliance News) - Gama Aviation PLC on Thursday said its annual results showed "significant progress" with a narrowed loss, increased revenue and confidence for the current year, but said it remains "circumspect" given the difficult economic backdrop.
Shares in Gama were up 5.9% at 53.99 pence in London on Thursday.
The Farnborough, England-based aviation services company reported a USD9.5 million pretax loss for 2022, compared with a USD10.7 million loss the previous year. Revenue increased 21% over the same periods to USD285.6 million from USD235.9 million, and other operating income increased 67% to USD5.0 million from USD1.6 million.
Earnings before interest, tax, depreciation and amortisation increased by 89% to USD19.1 million from USD10.1 million.
Gama did not declare a dividend during 2022, unchanged from the prior year.
Cost of sales increased 19% to USD230.7 million from USD194.4 million in 2021. Administrative expenses increased 18% to USD59.6 million from USD50.4 million. Finance expenses more than doubled to USD9.9 million from USD4.1 million.
Gama said strategic highlights during 2022 including "significant growth and improved profitability" in Jet East, its US business aviation maintenance and repair business, and the acquisition of a "strategically important" airport hangar in North Carolina.
It also had announced in February the award of a seven-year contract to operate and maintain five emergency service helicopters for the Wales Air Ambulance Charity.
Gama said its progress over the last two years was "very encouraging", and was confident that it can sustain its strong growth and improved profitability. It said it is "well positioned for continued success" and "remains firmly focused" on building organic growth opportunities and optimising its operational performance. However, Gama said its outlook for 2023 is still "understandably circumspect" due to high interest rates and inflation, as well as the ongoing conflict in Europe, creating an uncertain environment.
"Our 2022 results showed the continued improvement that the group is making in revenue and Ebitda performance in its core markets," commented Chief Executive Marwan Khalek.
"Despite the progress we have made there remains more work to do in what is likely to become an increasingly challenging environment. However, I am firmly of the belief that given our strategic direction, the commitment and dedication of our people and the actions we are taking to improve our performance, we will continue to build positive momentum in 2023."
By Emma Curzon, Alliance News reporter
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