23rd Sep 2019 09:30
(Alliance News) - Aviation services firm Gama Aviation PLC on Monday said annual adjusted earnings will be in line with previous guidance after posting a narrowed interim loss on revenue growth, despite an ongoing challenging market.
For the six months ended June 30, pretax loss narrowed to USD1.8 million from USD2.4 million the year prior. This was after revenue rose to USD121.8 million from USD103.9 million the year before.
Profit performance was also helped by administrative expenses falling to USD20.7 million from USD22.3 million the year prior, offsetting the jump in finance costs to USD2.0 million from USD472,000 the year before.
"The results for the half year demonstrate the initial positive impact of the changes we have undertaken to strengthen our operational platform," Gama Chief Executive Officer Marwan Khalek said.
"The macro economic climate remains challenging but given the resilience of our business and the steps we have undertaken to bring the business back on track, we are pleased to report that the outlook for the full year 2019 remains in line with the group's previous guidance of adjusted Ebit in the range of USD10.5 million to USD11.5 million."
For the six month period, adjusted earnings before interest & taxes stood at USD2.9 million from USD4.4 million the year prior. In 2018, adjusted Ebit stood at USD11.3 million on revenue of USD234.8 million.
Gama does not pay an interim dividend.
Shares in Gama were 0.8% lower at 74.44 pence each in London on Monday morning.
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