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Signature Aviation revenue falls 38% but flight activity stabilises
StockMarketWire.com
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Global aviation support services provider Signature Aviation saw its revenue fall 38% in the ten months to 31 October but recovery in flight activity across its network has stabilised at around 80% of prior year levels. At the end of October, the group had total facility headroom and cash of $462 million.
Its trading statement said B&GA flying activity has been relatively stable since its last market update and has yet to see any material changes in the recent customer mix, which continues to be weighted towards leisure destinations and small and mid-size jets. For the remainder of the year, the group expects flight activity across our network to remain around these levels with broadly the same customer mix.
Mark Johnstone, Signature Aviation CEO said: "Despite the continued challenges presented by the pandemic, I am encouraged that the recovery in flight activity across our network has stabilised at c. 80% of prior year levels, which we currently assume to continue for the balance of the year.
"As previously stated, our effective cost management and the support secured through the CARES Act in the US underpin an expected improved financial performance in the second half compared to the first half."
Story provided by StockMarketWire.com
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