Gama Aviation 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”