13th Mar 2019 16:52
LONDON (Alliance News) - Gama Aviation PLC on Wednesday said it traded in line so far in 2019, whilst progressing on chair selection and preparing its annual statement.
At the end of January, the aviation services provider conducted a thorough and full review of its financial reporting methodology to simplify the presentation and improve the consistency of financial information.
This review is being concluded and as a result the company said it has decided to make changes to certain accounting policies and estimates of the 2018 financial results.
Gama also said it will correct an accounting error in the 2017 balance sheet relating to the previously announced overpayment, which does not impact the income statement.
In respect of 2018, up to USD2.8 million of the costs that have been identified by the company as exceptional or discontinued remain under review by the auditors, Gama said. Therefore, the auditors have requested further time to conclude their audit.
Gama said it now expects to publish its 2018 results and appoint new chair no later that on April 3.
The company announced the retirement of Chair Ralph Robins in November last year, but said he will remain in post until a "suitable" candidate can be found for replacement.
Looking ahead, the company said trading in 2019 remains in line with its expectations. Gama also highlighted that it is well funded for its ongoing operations and the delivery of its strategy in 2019.
Gama shares closed 0.6% lower on Wednesday at 68.56 pence each.
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