Gama Aviation PLC FY20 Trading Update (1830P)
16 February 2021 - 6:00PM
UK Regulatory
TIDMGMAA
RNS Number : 1830P
Gama Aviation PLC
16 February 2021
16 February 2021
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation" or the "Company")
FY20 Trading Update
Gama Aviation, the global business aviation service provider, is
pleased to provide an update on trading for the year ending 31
December 2020.
Underlying performance, excluding the Company's share of losses
from its associate China Aircraft Services Limited ("CASL"),
remained stable during the second half of the year. The second half
includes the residual benefits from government support
programmes.
Operational performance partially recovered in the second half
of the year, after having experienced the significant impact of
COVID-19 on the aviation sector and the business. In the Ground
division there was a positive trend quarter on quarter from the
second quarter lows. Third quarter and fourth quarter engineering
hours were 74% and 80% respectively of the equivalent periods in
2019. In the Air division, the global fleet continued to increase
in the second half of the year. The Company's major 'special
mission' contracts performed as expected and in accordance with
their contracted service levels, including the recently announced
Helicopter Emergency Medical Services (HEMS) for the Scottish
Ambulance Service which commenced in June 2020, and the fixed wing
air ambulance services for the Government of Guernsey and the
Government of Jersey, which commenced in July 2020.
Gama Aviation continued to be adversely impacted by ongoing
losses at its Hong Kong based associate, CASL, albeit by less than
in the first half of the year, as a result of the COVID-19
pandemic's impact on the commercial airline market which CASL
services.
The Company continues to manage and closely monitor cash. As at
31 December 2020, the Company held cash balances totalling US$16.1m
in addition to having US$24.7m of undrawn funds remaining on its
US$50m RCF. Since the year end the Company has acquired Jet East
Aviation Corporation, LLC ("Jet East"), for initial cash
consideration of US$7.7m and has repaid $2.6m of Jet East's debt
that was taken on as part of the acquisition.
The Group intends to release its audited results for the year
ending 31 December 2020 by the end of April.
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
Jefferies International +44 (0) 207 029 8000
Simon Hardy
Will Soutar
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/
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END
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