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Signature Aviation swings to loss as travel curbs shrink revenue
StockMarketWire.com
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Aviation services group Signature Aviation swung to a full-year loss after the pandemic and related travel curbs hammered revenue.
Pre-tax losses for the year through December amounted to £17.1 million, compared to a year-on-year profit of £722.2 million, as revenue dropped 36% to £1.92 billion.
Signature Aviation did not declare any dividends for 2020.
The company said the Covid-19 crisis was continuing to have a greater impact on both the North East region of the US, where it had material presence, and international traffic.
'2020 was an extraordinary year for the group, and one in which we delivered a resilient performance,' chief executive Mark Johnstone said.
'We are encouraged by the extent of the recovery in flight operations we have seen since Spring 2020 however, the outlook remains uncertain and the recovery of activity in our North East region and EMEA, through both business and international travel, will be essential to deliver further progress.'
Story provided by StockMarketWire.com
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