LONDON (Alliance News) - Gama Aviation PLC on Wednesday said constant currency revenue in the first half of 2016 will be up year-on-year, while adjusted earnings before interest, tax, depreciation and amortisation may decline.
The aviation service provider said constant currency revenue in the first half will be no less than USD205 million, while adjusted Ebitda will be no less than USD7.5 million. Constant currency revenue in the first half of 2015 was USD191 million, but adjusted Ebitda was USD8.2 million.
Gama said the challenging trading environment in Europe is likely to continue in the short term, although it has seen some improvement in its underlying financial performance thanks to its initiatives to optimise and shrink the European business and its cost base.
Meanwhile, trading in the US business remains strong, with solid organic revenue and margin growth, Gama said, while the Middle East and Asia operations continue to make steady progress.
"With regard to acquisitive growth, the board has a very strong pipeline of both small acquisition targets as well as some larger and more material transformational targets and continues to actively pursue both against the objective of only executing on those that deliver a good strategic fit, are accretive and are earnings enhancing," Gama said in a statement.
Gama will release its interim results in September.
Shares in Gama were trading up 0.6% at 170.00 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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