REG - Gama Aviation PLC - H2 Trading Update, Liquidity & Credit Facilities

Gama AviationAnnouncement

21/12/2022 07:45

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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 £20m 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/
(http://www.gamaaviation.com/)

 

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