9 January 2017 – trading update and contract wins
Total group revenues for the year to 31 December 2016, on a constant currency basis, increased by over 10% compared with 2015. Overall performance was strong, especially in the second half of the year, with aircraft under management up 12% to 165 (2015: 147). Adjusted earnings, which exclude exceptional items and amortisation, on a constant currency basis, are in line with market expectations. Earnings also exclude a material foreign exchange credit.
The company has also revealed two important contract awards, representing over £10m in revenues over the period of the contracts. Both were competitive and wining them reflects Gama Aviation’s strong special mission capability in the UK both as a primary and secondary contractor. We continue to rate the shares as a BUY ahead of final results, which are due to be released in late March.