Gama Aviation PLC 2018 Full Year Update and 2019 Outlook (9413N)
January 24 2019 - 2:00AM
UK Regulatory
TIDMGMAA
RNS Number : 9413N
Gama Aviation PLC
24 January 2019
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014
24(th) January 2019
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
2018 Full Year Update and 2019 Outlook
In advance of the publication of its full year results, Gama
Aviation Plc, the global business aviation services provider, today
provides an update for the full year ended 31 December 2018. The
Company will release its full year audited results on Monday 18(th)
March 2019.
2018 Full Year Update
The Board now expects the full year underlying operating profits
to be $3m below its previous guidance, provided on 29(th) October
2018, due to:
-- Accounting adjustments resulting from a comprehensive balance
sheet review process carried out by the new finance team
-- Changes in accounting treatment of certain organic investment costs
-- Lower than expected share of associates profits, principally in the US
-- Positive but lower than forecast trading growth in Q4/18
In the first half of the year the company incurred exceptional
costs of $4.5m including costs associated with the equity raise,
litigation costs and integration and restructuring costs. In the
second half the company has incurred further significant
exceptional costs including those associated with the move to
Bournemouth, legal entity reorganisation and diligence costs on
potential M&A opportunities. These costs will be reflected in
the statutory reported results in 2018.
The Board is conducting a thorough and full review of its
financial reporting methodology to simplify the presentation and
improve the consistency of financial information.
2019 Outlook
With continuing growth in the US likely to be offset by the
challenging market conditions in Europe, and with M&A
opportunities yet to be delivered, the Company is taking a cautious
approach and accordingly expects that the performance for 2019 will
be similar to that delivered in 2018.
For more information contact:
Gama Aviation Plc +44 (0) 1252 553000
Marwan Khalek, Chief Executive Officer
David Stickland, Chief Financial Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Jefferies International +44 (0) 207 029 8000
Simon Hardy
Will Soutar
Gama Aviation - Notes to Editors
Gama Aviation Plc (LSE AIM: GMAA) is a global business aviation
services company that specialises in providing support for
individuals, corporations and government agencies; allowing them to
deliver on the promises they make.
The Company has two divisions: Air and Ground. Air services
include: aircraft management, special mission support and charter;
with Ground services covering: base & line aircraft maintenance
services, aircraft modification design and installation and Fixed
Base Operations (FBO).
More details can be found at: http://www.gamaaviation.com/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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