Last checked at 8 Mar 2022 14:49
8th March 2022
The information contained within this announcement is deemed to constitute inside information as stipulated under Article 7 of the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", the "Group" or the "Company")
FY21 Trading Update
Gama Aviation is today providing an update on trading for the year ending 31 December 2021 ahead of the anticipated publication of its full year audited results by the end of April 2022.
The Group continued to deliver a solid trading performance in the second half of the year however margins continued to be impacted by the challenging operating environment. The Company expects to deliver an Adjusted EBIT loss of approximately $4m for the full year.
As reported in the H1/21 interim results, released on 24th September 2021, Adjusted EBIT includes the $1.5m share of losses from its associate China Aircraft Services Limited ("CASL"). The Group has since reported the sale of its interest in CASL which completed on 31st December 2021. Additionally, the full year Adjusted EBIT also includes start-up costs of approximately $3.2m relating to the development for, and commencement in H2 of, operations at two US base maintenance facilities. These facilities enable the Company to provide an expanded service offering and are supported by a long-term contract from a major existing customer.
Consequently, after adding back the total $4.7m impact from these two items, the Group is expected to deliver a modest Adjusted EBIT profit performance from its mature and continuing operations, despite the prevailing challenging environment.
As at 31st December 2021, the Company held cash balances totalling $10.2m in addition to having $12.1m of undrawn funds remaining on its $50m RCF. As at 5th March 2022, the Company's cash balances totalled $12.5m in addition to having $12.4m of headroom on the RCF.
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For more information contact:
Gama Aviation Plc +44 (0) 1252 553000
Marwan Khalek, Chief Executive Officer
Daniel Ruback, Chief Financial Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
WH Ireland +44 (0) 207 220 1666
James Joyce
Gama Aviation - Notes to Editors
Founded in 1983 on the simple purpose of providing aviation services that equip its customers with decisive advantage, Gama Aviation Plc (LSE AIM: GMAA) is a highly valued global partner to blue chip corporations, government agencies, healthcare trusts and private individuals. The Group has three global divisions: Business Aviation (Aircraft Management, Charter, FBO & Maintenance), Special Mission (Air Ambulance & Rescue, National Security & Policing, Infrastructure & Survey, Energy & Offshore); and Technology & Outsourcing (Flight Operations, FBO, CAM software, Flight Planning, CAM & ARC services)
More details can be found at: http://www.gamaaviation.com/