Global business aviation services provider Gama Aviation reported record total group revenues last year. In its 2016 year-end financial results released on Monday, the UK-based company announced its total revenues were up 12.5 percent over the previous year, to $432.4 million.
According to company CEO Marwan Khalek, the company saw strong organic growth in the U.S. market with a 15 percent increase in its ground service revenues and a 30 percent increase in its air revenues. “That helped to significantly offset a tough performance in Europe, particularly in our ground division,” Khalek told AIN. “We do a lot of STC work and modifications in our business in Europe, and with the uncertainties around Brexit [and other factors] there’s been a kind of delay in that type of business.”
Nonetheless, Khalek noted the company’s European ground business remains Gama’s largest profit contributor, with margins of greater than 20 percent. He believes that Europe might have “turned the corner,” with signs of a return to what he describes as “modest growth.” “That, together with the strong performance in the U.S., gives us great confidence [in] our outlook for 2017.”
