Gama Aviation PLC H2 Trading Update, Liquidity & Credit Facilities (4531K)
December 21 2022 - 2:44AM
UK Regulatory
TIDMGMAA
RNS Number : 4531K
Gama Aviation PLC
21 December 2022
Date: 21(st) December 2022
The information contained within this announcement is deemed to
constitute inside information as stipulated under Article 7 of the
Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation" or the "Company" or "Group")
H2/22 Trading Update, Liquidity and Maturing Credit
Facilities
Gama Aviation is providing an update on H2/22 trading, liquidity
and the progress in repaying its maturing credit facilities.
H2/22 Trading
The Group is enjoying a solid trading performance in the second
half of the year, building on the recovery, strong revenue growth
and solid financial performance reported in the first half.
Whilst there have been some variances in the performance across
the business units, the overall Group Adjusted EBIT is anticipated
to be in line with management expectations.
Liquidity and Net Bank Debt
As at 19(th) December 2022, the Group held cash balances
totalling $11.7m and Net Bank Debt stood at $12.5m.
Maturing Credit Facilities
As reported in the interim results announcement, the Group
completed the sale and lease back of its helicopter assets on
27(th) September 2022, resulting in a cash inflow of $27m. These
funds, together with cash at hand, were used to repay the $32m
balance due on the Group's revolving credit facility (the "RCF") by
its maturity date of 14(th) November 2022 .
The Group's GBP20m Term Loan matures on 31(st) January 2023
('the Maturity Date'). The Company is progressing negotiations to
secure the funds needed to repay this loan upon maturity. Whilst
there can be no assurances that agreements to secure such funding
will be finalised by the Maturity Date the Board is confident that
this will be the case.
The Company is also reviewing its mid to long term financing
requirements with a view to maintaining low debt levels in what
remains a challenging market in terms of both the availability and
cost of debt.
END
Gama Aviation Plc +44 (0) 1252 553 029
Marwan Khalek, CEO
Michael Williamson, CFO
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
WH Ireland +44 (0) 207 220 1666
James Joyce
Sarah Mather
Gama Aviation - Notes to Editors
Founded in 1983 with the simple purpose of providing aviation
services that equip its customers with decisive advantage, Gama
Aviation Plc (LSE AIM: GMAA) is a highly valued global partner to
blue chip corporations, government agencies, healthcare trusts and
private individuals.
The Group has three global divisions: Business Aviation
(Aircraft Management, Charter, FBO & Maintenance), Special
Mission (Air Ambulance & Rescue, National Security &
Policing, Infrastructure & Survey, Energy & Offshore); and
Technology & Outsourcing (Flight Operations, FBO, CAM software,
Flight Planning, CAM & ARC services)
More details can be found at: http://www.gamaaviation.com/
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END
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December 21, 2022 02:44 ET (07:44 GMT)
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