H2 Trading Update, Liquidity & Credit Facilities

RNS Number : 4531K

Gama Aviation PLC

21 December 2022

 

Date: 21^st December 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.

Gama Aviation Plc (AIM: GMAA)
("Gama Aviation" or the "Company" or "Group")

H2/22 Trading Update, Liquidity and Maturing Credit Facilities

Gama Aviation is providing an update on H2/22 trading, liquidity and the progress in repaying its maturing credit facilities.

H2/22 Trading

The Group is enjoying a solid trading performance in the second half of the year, building on the recovery, strong revenue growth and solid financial performance reported in the first half. 

Whilst there have been some variances in the performance across the business units, the overall Group Adjusted EBIT is anticipated to be in line with management expectations.

Liquidity and Net Bank Debt

As at 19^th December 2022, the Group held cash balances totalling $11.7m and Net Bank Debt stood at $12.5m.  

Maturing Credit Facilities

As reported in the interim results announcement, the Group completed the sale and lease back of its helicopter assets on 27^th September 2022, resulting in a cash inflow of $27m.  These funds, together with cash at hand, were used to repay the $32m balance due on the Group's revolving credit facility (the "RCF") by its maturity date of 14^th November 2022 .

The Group's £20m Term Loan matures on 31^st January 2023 ('the Maturity Date').  The Company is progressing negotiations to secure the funds needed to repay this loan upon maturity. Whilst there can be no assurances that agreements to secure such funding will be finalised by the Maturity Date the Board is confident that this will be the case.

The Company is also reviewing its mid to long term financing requirements with a view to maintaining low debt levels in what remains a challenging market in terms of both the availability and cost of debt. 

END

Gama Aviation Plc   [phone]
Marwan Khalek, CEO 

Michael Williamson, CFO

Camarco   [phone]

Ginny Pulbrook

Geoffrey Pelham-Lane

WH Ireland  [phone]

James Joyce

Sarah Mather

Gama Aviation - Notes to Editors

Founded in 1983 with 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/

 

END

 

 

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