- Gama Aviation said underlying earnings for the year ended 31 Dec were in line with the company's expectations and consistent with the trading outlook provided at the time of the interim results in September.

The company said it had continued the solid progress it made during the first half of the year in improving its cash conversion, resulting in cash and cash equivalents as at 31 Dec of US$22m (2016: US$11m).

After funding the acquisition of 51% of Gama Group Mena FZC, which closed in October, and securing a further US$2m of finance leases in July 2017 for the purchase of a support aircraft under the Scottish Air Ambulance contract, net debt was US$13m as at 31 Dec (2016: US$19m).

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