21st Apr 2016 08:16
LONDON (Alliance News) - Gama Aviation PLC on Thursday said it made a profit in 2015 in its first year since being formed after the reverse takeover of Gama Aviation Holdings (Jersey) Ltd by private jet operator Hangar 8 PLC at the beginning of the year.
The business aviation service provider said it made a pretax profit in 2015 of USD6.9 million, after both Gama and Hangar 8 suffered a combined USD11.3 million pretax loss in 2014 before the new company was formed. Revenue, meanwhile, grew to USD236.0 million from USD168.6 million.
Gama said it achieved growth across all the regions it operates in, but warned that the European market remains challenging and "soft", hindered by a cautious economic outlook and various political uncertainties.
Gama will pay a final dividend of 2.5 pence per share.
"Overall we believe that 2016 will be a year with both significant opportunities for Gama Aviation but also one which presents certain challenges. We will seek to maximise the opportunities that our developing and growing markets present whilst being acutely aware of the challenges we face in Europe," Chief Executive Marwan Khalek said in a statement.
Shares in Gama were trading up 0.4% at 266.00 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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