Gama Aviation suffers $14.7m loss but focuses on emergency service flights
British aviation company Gama Aviation, like most airline businesses, suffered a gruelling financial year after the Covid-19 pandemic grounded flights across the globe.
Gama reported a statutory loss of $14.7m this morning, down from a loss of $11.5m in 2019, in the year to 31 December.
While unable to fly commercially across borders, the group received $5.8m in government support in an attempt to offset the blow.
Its aviation software business myairops secured a $2.5m ‘software as a service’ contract in March, which would have lessened the financial hit slightly.
Despite the blow of the pandemic, the group’s liquidity remained strong with $16.1m in cash, up from $8.5m in 2019.
“With a strong liquidity position, a modest Adjusted EBIT loss and positive operating cashflows the Group is well placed to weather the remainder of this crisis and is very well positioned to recapture the growth opportunities that will accompany the inevitable recovery in the private aviation market,” chief executive Marwan Khalek said in a statement.
At the start of June, the group is set to work with the Scottish Ambulance with its Helicopter Emergency Medical Services, using its fleet of three Airbus H145 helicopters.
The group also won two five-year contracts last July to offer air ambulance services for Jersey’s government and the government of Guernsey.