Gama Aviation (GMAA)

 

Gama Aviation revenues up 45%

First half revenues at aviation service provider Gama Aviation rose by 45% to $291m in the six months to the end of June.

Underlying total operating profit increased by 31% to $7.7m and underlying profit before tax of $7.0m was up 40%.

Underlying EPS rose 25% to 12.2 cents and net debt decreased to $14.3m, down $5.1m from December 2016 (June 2016: $13.3m).

Cash conversion from operations improved to an inflow of $5.7m compared to an outflow of $1.1m in 2016.

Chief executive Marwan Khalek said: "The first half of 2017 has seen the Group maintain the positive momentum generated through last year to deliver a good performance in line with our expectations. In all divisions and all regions we achieved strong revenue growth and encouraging improved margin performance.

"The integration of the BBA aircraft management business into the US Air division is progressing well and benefiting from a buoyant US market.

"The 2016 acquisitions of Aviation Beauport and FlyerTech, in Europe Ground and Europe Air respectively, are performing above expectations. Gama Aviation is well positioned to continue to benefit from the opportunities that this highly fragmented market presents.

"Based on our performance to date and contract visibility, the Board is confident that the Group will meet its full year expectations."