By Christian Moess Laursen
Gama Aviation said Thursday that its pretax loss narrowed in 2022, driven partly by strong results in its business aviation unit.
The London-listed business-aviation services group said its pretax loss narrowed to $9.5 million in 2022 from a loss of $10.7 million in 2021.
Revenue rose to $285.6 million from $235.9 million a year prior, driven by its business aviation segment’s revenue rising 32% to $224.3 million, which more than offset falling revenues in its other units.
The company’s adjusted earnings before interest and taxes–a metric that strips out exceptional and other one-off items–came in at $8.8 million compared with a $4.3 million loss in 2021, driven in part by the business aviation unit reaching breakeven.
Looking ahead, the company said it remains confident that the progress made over the last two years in growth and profitability can be sustained. However, it said it continues to be cautious in its outlook for 2023 given the current backdrop of high inflation, interest rates and the war in Ukraine.
Write to Christian Moess Laursen at [email protected]
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