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Gama Aviation Plc interim results - highlights

Gama Aviation Plc interim results - highlights

Mon 24 Sep 2018 07:48 by ukcitymedia.co.uk about : trading updates - 1 Comments - 4400 words


Financial Highlights

·      Revenue $104.6m (2017: $108.1m)

·      Gross profit $22.1m (2017: $22.7m)

·      Gross profit margin of 21.1% (2017: 21.0%)

·      EBITDA $8.1m (2017: $8.4m)

·      Underlying total operating profit $7.1m (2017: $8.1m)

·      Net cash $21.1m compared to net debt at 31 December 2017 $13.0m (net debt 30 June 2017: $14.3m)

·      Group's expectations for the full year remain unchanged

 

Financial Summary

USD millions (unless otherwise stated)

Underlying results1

Reported results

 

Jun-18

Jun-17

Constant Currency2

Jun-17

Jun-18

Jun-17

Revenue

104.6

101.6

108.1

104.6

101.6

Gross profit

22.1

21.3

22.7

22.1

21.3

Gross profit %

21.1%

21.0%

21.0%

 

21.1%

21.0%

EBITDA

8.1

8.0

8.4

3.7

7.4

Total operating profit3

7.1

7.7

8.1

 

2.9

9.6

Profit before tax

6.6

7.0

7.3

3.2

8.7

Basic earnings per share (cents)

11.0

12.2

12.8

5.0

16.0

 

 

 

 

 

 

1 - Underlying results exclude exceptional items, share-based payment expense, amortisation, reversal of losses of associate and joint venture from prior years, profit on disposal of interest in associate, and unrealised foreign exchange movements included in finance costs, where applicable.

2 - Calculated at a constant foreign exchange rate of $1.38 to £1, being the rate that represented the average for the 2018 financial period.

3 - Total operating profit includes the share of results from Gama Aviation's associate in the US and joint venture in Hong Kong.

 

Operational Highlights

·      US Ground delivered strong organic growth

·      Europe Ground delivered a flat performance in difficult market conditions

·      US Air continued to grow, benefiting from growth in the Wheels Up fleet

·      Europe Air delivering improved operating profit margins 

·      Middle East and Asia continue to develop and scale

 

Strategic Highlights

·      Successful equity placing raised £48m in March 2018, to accelerate the Group's vision of becoming the leading global business aviation services group

·      Invested in Asia, acquiring remaining 50% interest in Hutchinson's Hong Kong interest and 25% interest in CASL

·      Secured a new modern facility at Bournemouth Airport, UK for our Europe Ground operations

·      New bases on the East and West coasts for US Ground operations identified and progressing

·      Pipeline of acquisition targets under consideration, subject to disciplined acquisition criteria

·      Refinancing completed with NatWest and Barclays in August 2018, providing $70m revolving credit facility with four-year term

 

Marwan Khalek, Chief Executive of Gama Aviation said:

"The first half of the year has been a busy period with the equity placing and refinancing completed, and progress across our operations. We continue to scale up across all geographies and service lines and develop our pipeline of value enhancing acquisitions. We remain confident in delivering our future growth plans and strategic objectives."



These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.


 alan_keys_n13

24/09/18     21 words


Gama Aviation broker views
Date Broker Recommendation Price Old target price New target price Notes
08 Nov 17 Jefferies International Buy 192.50 330.00 330.00 Reiterates
11 Apr 17 Cantor Fitzgerald Buy 192.50 230.00 270.00 Reiterates
31 Mar 17 Jefferies International Buy 192.50 330.00 330.00 Reiterates



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