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Full year results – 2018

“While 2018 was a disappointing year in terms of financial performance, it was also a year of transition and change that provides Gama with a solid basis for the future. The fundamentals of our business remain strong and, as CEO, co-founder and major shareholder I am resolved to return to executing our strategic objective of delivering sustainable profitable growth.”

Marwan Khalek, Group Chief Executive Officer.

Financial highlights

  • Revenue $234.8m (2017: $207.4m)
  • Gross profit $45.1m (2017: $45.6m)
  • Gross profit margin of 19.2% (2017: 22.0%)
  • EBITDA $13.3m (2017: $19.6m)
  • Profit before tax $11.0m (2017: $16.6m)
  • EPS (cents) 14.6 (2017: 30.7)
For full details please see the published RNS (within the RNS section below). The trading results for 2017 have been restated for: a) an adjustment to reclassify $1,600,000 of Group charges from gross profit to administrative expenses to ensure that the Group income and costs eliminate on the same line of the income statement. This adjustment does not impact EBIT or cash. b) the Group’s Swiss operation was closed at the beginning of 2018, accordingly, in line with IFRS 5 the results for the comparative period have been restated to remove $460,000 of profit from continuing operations. This has been included within total discontinued operations loss of $1,952,000 shown within the income statement.


The Board expects growth in the US to continue through 2019 but expects more challenging market conditions in Europe, particularly with the continuing uncertainties over Brexit and foreign exchange volatility. For the Middle East and Asia, absent of any acquisitions, the expectations are for very modest organic growth.

Given the mixed market conditions, the Board is taking a cautious approach to its 2019 outlook and accordingly expects the financial performance of the Group to deliver an Adjusted EBIT in the range of $10.5m to $11.5m.

For the full RNS please see RNS & Notifications

Share price performance data
(AIM Listed: Incorporated in the UK)

RNS & Notifications

Gama Aviation PLC : Articles of Association

Major Shareholders

Hutchison Capital Holdings Limited: 29.79%
Marwan Abdel-Khalek: 22.28%
Crescent Investments LLC: 4.08%
Canaccord Genuity Wealth Management: 8.01%
Downing LLP: 6.96%
Gresham House Asset Management: 4.68%

2018 full year results presentation

Click here to view the full year results for the period ended 31 December 2018.

Further information

Jefferies International
+44 (0) 207 029 8000
Simon Hardy or Will Soutar

Investor relations
+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.