Watch LIVE the focusIR May Investor webinar with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSIG.L Share News (SIG)

  • There is currently no data for SIG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Signature Aviation Sees Interim Revenue Crash But Notes Improvement

Mon, 27th Jul 2020 10:24

(Alliance News) - Signature Aviation PLC on Monday said revenue for the first half of 2020 plunged due to the Covid-19 pandemic but said it has started to see a significant improvement in flying activity.

The aviation support services provider said revenue to June 30 for the continuing group - comprising Signature FBO, EPIC and TECHNICAir - was down 38%. On a like-for-like basis, revenue was down 31%.

However, Signature Aviation said it has started to see an improvement in flying activity, with activity down just 32% in June compared to 58% in May and 77% in April. It added that all its employees in the US have been brought back from furlough.

Looking ahead, Chief Executive Mark Johnstone said: "I remain confident in the resilience and potential of our market leading FBO business model, the quality of our unique network, the strength of our liquidity and therefore our ability to continue to invest in and grow our attractive and high return business."

Signature Aviation stated that all guidance remains suspended but added it will review the decision on suspension of dividend payments as trading conditions become clearer.

As at the end of June, the London-based company had USD321 million of undrawn facilities and cash of USD200 million. It noted it has agreed a covenant waiver for the testing periods ending 31 December 31, 2020 and June 30, 2021 for its USD400 million unsecured revolving credit facility expiring March 2025.

Separately, Signature Aviation said it has agreed to acquire TAG Aviation FBO SA, comprising two FBOs at Geneva and Sion in Switzerland but did not provide any further details.

Full interim results will be published on September 8.

The stock was trading 1.5% lower at 223.16 pence each on Monday morning in London

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
14 Sep 2020 13:49

Monday broker round-up

(Sharecast News) - Redcentric: Canaccord initiates buy with a target price of 195.0p.

Read more
8 Sep 2020 10:45

Signature Aviation Says Reduced Flight Activity Marred First Half

Signature Aviation Says Reduced Flight Activity Marred First Half

Read more
8 Sep 2020 08:24

Signature Aviation reports tough first half as business returns

(Sharecast News) - Signature Aviation reported a 31.3% fall in continuing group organic revenue in its interim results on Tuesday, which it said reflected the impact of Covid-19 on business and general aviation flight activity.

Read more
1 Sep 2020 16:05

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

Read more
26 Aug 2020 07:58

JPMorgan upgrades Inchcape, downgrades Signature Aviation

(Sharecast News) - Shares of car dealership Inchcape got a boost on Wednesday as JPMorgan Cazenove upgraded the stock to 'overweight' from 'neutral', saying it has been positively surprised by the strength of the company's cash flow, with carefully controlled working capital pressure.

Read more
9 Aug 2020 18:24

Sunday newspaper round-up: NatWest, Rolls Royce, Coronavirus

(Sharecast News) - NatWest is to push out several top bankers as part of a dramatic overhaul of its investment bank, as new boss Alison Rose attempts to cut ties with its past. The lender formerly known as Royal Bank of Scotland, 62%-owned by taxpayers, is expected to tell staff this week that at least three of its most senior investment bankers will stand down. - Sunday Times

Read more
27 Jul 2020 07:53

LONDON MARKET PRE-OPEN: Astra And Daiichi Enter Oncology Collaboration

LONDON MARKET PRE-OPEN: Astra And Daiichi Enter Oncology Collaboration

Read more
27 Jul 2020 07:37

Signature Aviation sees markets recovering after difficult first half

(Sharecast News) - Signature Aviation reported a 31% fall in continuing group like-for-like revenue in its first half on Monday, which it said was "solely due" to the impact of Covid-19.

Read more
28 May 2020 09:49

Berenberg downgrades Signature Aviation to 'sell'

(Sharecast News) - Berenberg downgraded Signature Aviation - formerly BBA Aviation - to 'sell' from 'hold' on Thursday as it said the stock's re-rating has been too aggressive.

Read more
15 May 2020 09:54

Signature Aviation Says May Flying Activity An Improvement On April

Signature Aviation Says May Flying Activity An Improvement On April

Read more
15 May 2020 07:48

LONDON MARKET PRE-OPEN: William Hill Struggles, Plans Store Re-Opening

LONDON MARKET PRE-OPEN: William Hill Struggles, Plans Store Re-Opening

Read more
11 May 2020 16:04

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

Read more
11 May 2020 16:03

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

Read more
23 Apr 2020 14:04

Thursday broker round-up

(Sharecast News) - Hargreaves Lansdown: Deutsche Bank downgrades to sell with a target price of 1,325p.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.