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Gama Aviation losses narrow as cost cuts offset lower revenue
StockMarketWire.com
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Aviation services company Gama Aviation reported narrower losses as cost cuts helped offset the impact of a fall in revenue from pandemic-led weakness in the aviation sector.
For the year ended 31 December 2020, pre-tax losses narrowed to $8.2 million from $11.0 million year-on-year as revenue fell to $197.5 million from £246.8 million.
'Financial performance across the group during the year reflects the impact of the global pandemic on the aviation sector but group's liquidity remains strong with $16.1m (2019: $8.5m),' the company said.
The company did not recommended a dividend.
'With a strong liquidity position, a modest Adjusted EBIT loss and positive operating cashflows the group is well placed to weather the remainder of this crisis and is very well positioned to recapture the growth opportunities that will accompany the inevitable recovery in the private aviation market,' the company said.
At 9:27am: (LON:GAMA) Gamma Communications PLC share price was 0p at 1575p
Story provided by StockMarketWire.com
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