13 Mar 2019 16:31
Date: 13 March 2019
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No 596/2014
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
Update on 2018 Financial Statements, 2019 Outlook and the Chairman Selection Process
2018 Financial Statements
The full year results for year ended 31 December 2018 will now be announced no later than Wednesday 3 April 2019.
On 24 January, the Group announced that the Board was conducting a thorough and full review of its financial reporting methodology to simplify the presentation and improve the consistency of financial information. This review is being concluded and as a result the Group has decided to make changes to certain accounting policies and estimates which will affect the presentation of the 2018 financial statements and the 2017 comparatives. The Company will also correct an accounting error in the 2017 balance sheet relating to the previously announced overpayment, which does not impact the income statement.
In respect of 2018, up to $2.8m of the costs that have been identified by the Company as exceptional or discontinued remain under review by the auditors whilst they determine the appropriate accounting treatment. The Board believes these items are one-off in nature and that they should not form part of the Group's underlying results but, in any event, they will be reflected in the Company's statutory results.
In consideration of the changes outlined above the auditors have requested further time to conclude their audit.
2019 Outlook
2019 outlook remains in line with Board expectations. The Board further confirms that the Group remains well funded for its ongoing operations and the delivery of its strategy in 2019.
Chairman Selection Process
The Board is aiming to conclude the process and appoint a new Chairman by the 3 April 2019.
For more information contact:
Gama Aviation Plc +44 (0) 1252 553000
Marwan Khalek, Chief Executive Officer
David Stickland, Chief Financial Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Jefferies International +44 (0) 207 029 8000
Simon Hardy
Will Soutar
Gama Aviation - Notes to Editors
Gama Aviation Plc (AIM:GMAA) is a global business aviation services group that specialises in providing support for individuals, corporations and government agencies; allowing them to deliver on the promises they make.
The Group's services are split into two divisions: Air and Ground. Air services include aircraft management, special mission support and charter. Ground services cover aircraft maintenance services, aircraft modification design and installation, and Fixed Base Operations (FBO).
More details can be found at: http://www.gamaaviation.com/