For the six months to the end of June 2018, Gama Aviation has posted revenue of $104.6 million, a slight decrease compared to the same period last year of $108.1 million. The company’s gross profit dipped slightly to $22.1 million from $22.7 million, with a gross profit margin of 21.1% compared to 21.0% a year ago.
Gama’s EBITDA was $8.1m with an underlying total operating profit of $7.1 million compared to $8.1 million a year ago.
During the reporting period, Gama reports that its US ground services delivered strong organic growth, while European ground delivered a flat performance in difficult market conditions. US Air continued to grow, benefiting from growth in the Wheels Up fleet, and Europe Air delivered improved operating profit margins, while Middle East and Asia continue to develop and scale.
Also during the period, Gama raised £48 million in equity in March 2018 and acquired the remaining 50% interest in Hutchinson’s Hong Kong interest and 25% interest in CASL. The company also refinanced debt by securing a four year $70m revolving credit facility with NatWest and Barclays in August 2018.
“The first half of the year has been a busy period with the equity placing and refinancing completed, and progress across our operations,” said Marwan Khalek, Chief Executive of Gama Aviation. “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.”