Full year results – 2019
“While we achieved solid organic revenue growth in 2019, profit margins were adversely affected by a highly competitive market environment and by continuing challenges within our finance function. With the onset of the Coronavirus pandemic at the start of this year and the ensuing global lockdowns significantly curtailing the demand for air travel, our 2020 performance has also been impacted.
The Group benefits from operating to a resilient and robust business model which includes recurring revenues from long standing government and other contracts providing the Group with mitigation against the impact of the downturn in activity levels by maintaining critical revenue flows. These, together with strong levels of liquidity, stand the Group in good stead. Meanwhile, we have not been standing still. In December, we appointed a new CFO, Daniel Ruback, with a clear mandate to strengthen and transform the Group’s finance function which he is diligently implementing. We continue to attract new business into our maintenance facilities, and we have secured a number of new special mission contracts.
Clearly, at this stage, with the uncertainties surrounding this evolving pandemic it is difficult to predict how soon the demand for air travel will resume. However, when it does, the business aviation sector is expected to benefit disproportionately from a drift to this more secure and private form of air travel. The Group is well positioned to weather this COVID-19 induced economic downturn, to capture the resulting opportunities and to emerge stronger from it”
Marwan Khalek, Group Chief Executive Officer.
Financial highlights (2019 on a pre IFRS 16 basis, comparatives restated)
- Revenue $246.8m (2018: $234.9m), up 5%, at constant currency up 8%1
- Gross Profit $39.3m (2018: $44.5m), down 12%, at constant currency down by 9%1
- Gross Profit Margin 15.9% (2018:18.9%), down 3.0ppts, at constant currency down by 3.1ppts1
- Adjusted EBIT $3.3m (2018: $8.4m), down 61%, at constant currency down by 61%1
- Net Debt, stated on a pre IFRS 16 basis, increased to $37.8m (post IFRS 16 $98.0m) from $2.5m at 31 December 2018.
- No dividend recommended in view of COVID-19 uncertainties (2018: 2 pence per share)
For our Annual Report 2019 please CLICK HERE
1 To aid comparability 2018 results have also been calculated on a constant currency basis. This has been calculated using a constant foreign exchange rate of $1.28 to £1, being the cumulative average USD-GBP exchange rate for 2019 instead of the reported exchange rate of $1.34 to £1 for 2018. On a constant currency basis, 2018 Revenue is $227.9m, Gross Profit is $43.2m, Gross Profit percentage is 19.0% and Adjusted EBIT is $8.3m.
2 The Alternative Performance Measures (APMs) Adjusted Earnings before interest and tax (Adjusted EBIT), Organic Revenue and Net Debt are defined in Note 2 of the notes to the financial statements and reconciled to the nearest IFRS measure in Note 6 and Note 28 to the financial statements.
3 The Group adopted IFRS 16 from 1 January 2019 and the 2018 comparatives are not restated for IFRS 16. To achieve year on year comparability of the results, Adjusted EBIT, Gross Profit, Profit / (loss) before Tax and earning per share have been presented on a pre IFRS 16 basis for 2019 (consistent with the presentation for 2018) as well as on a post IFRS 16 basis. The impact of IFRS 16 on the 2019 results were to increase Gross Profit by $0.2m, increase Adjusted EBIT by $2.3m, decrease Adjusted Profit before Tax by $0.7m and reduce Earnings per Share by 1.1 cents per share.
4 Restatements are detailed in Note 2 of the notes to the financial statements
For full details please see the published RNS (within the RNS section below).
Share price performance data
(AIM Listed: Incorporated in the UK)
RNS & Notifications
Gama Aviation PLC : Articles of Association
Major Shareholders as of July 2020
Hutchison Capital Holdings Limited: 29.79%
Marwan Abdel-Khalek: 22.28%
Rozzi Business Inc: 14.92%
Canaccord Genuity Wealth Management: 8.01%
Crescent Investments LLC: 4.08%
Gresham House Asset Management: 3.11%
Downing LLP: 1.99%
2019 half year results presentation
Click here to view the analyst presentation.
+44 (0) 207 029 8000
Simon Hardy or Will Soutar
+44 (0) 203757 4992
Ginny Pulbrook or Geoffrey Pelham-Lane
Aim Rule 26 disclosure
Gama Aviation Plc (AIM:GMAA) is incorporated in the UK and is subject to the UK City Code on Takeovers and Mergers. There are no restrictions on the transfer of its AIM securities. Shares in Gama Aviation Plc are not traded on any exchanges or trading platforms other than the AIM market.
The information contained within this section of the website has been disclosed for the purposes of AIM Rule 26.