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Gama Aviations net debt increases due to IFRS 16 but trades in line

By BFN News | 09:22 AM | Monday 23 September, 2019


Gama Aviation Plc, one of the world's largest business aviation service providers, saw its losses narrow from $6.5m to $3.9m. Revenue was up 22.5% from $99.4m to $121.8m, but net debt increased from $2.9m to $24.9m. The strategy of building the company's depth of capabilities and expertise and broadening its geographical reach and range of service offerings remains the same. Gama hopes to increase the scale of its operations in its chosen markets thus driving revenue and margin growth while enhancing cross selling opportunities. The outlook for the full year 2019 remains in line with the Group's previous guidance. Marwan Khalek, Chief Executive of Gama Aviation said: 'The results for the half year demonstrate the initial positive impact of the changes we have undertaken to strengthen our operational platform. The macro economic climate remains challenging but given the resilience of our business and the steps we have undertaken to bring the business back on track, we are pleased to report that the outlook for the full year 2019 remains in line with the Group's previous guidance of Adjusted EBIT (pre-IFRS16) in the range of $10.5m to $11.5m.' At 9:22am: (LON:GAMA) Gamma Communications Plc share price was +15p at 1155p Story provided by StockMarketWire.com

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