19 September 2016 – interim results
Gama Aviation, which is one of the world’s largest business aviation service providers, has revealed an excellent set of interim results for the six month period to 30 June with revenues rising 13.2% to £209.8m (2015: £185.3m) and adjusted pre-tax profits increasing by 62.7% to £9.6m (2015: £5.9m). Earnings per share on the same basis were 57.6% higher at 19.7p (2015: 12.5p). These results benefited from the geographic diversity of the business with a strong US performance offsetting weaker European market conditions. The group has also benefited from a material foreign exchange gain of $4.6m during the period. Despite this the underlying performance of the group has been solid and the strong showing in the US is set to continue in the second half with an improved performance expected in Europe. The group’s strategic plan is to double the size of the business in the next two years through a combination of strong organic growth and acquisition and a number of acquisition opportunities have been identified. A non-executive director has purchased 15,000 shares at a price of 165p following the publication of the results and readers should consider following his lead and BUY.