StockMarketWire.com - Aviation services provider Signature Aviation swung to a first half loss after the Covid-19 crisis grounded many of its clients aircraft.

Pre-tax losses for the six months through June amounted to $29.3m, compared to a profit of $47.3m on-year. Revenue slumped 37% to $963.1m.

Signature Aviation scrapped its interim dividend in light of macroeconomic uncertainty and to preserve cash.

'The board will keep future dividends under review and will restart payments when it is appropriate to do so,' the company said.

Chief executive Mark Johnstone said he was encouraged by the extent of the flight operations recovery the company had seen.

'August flight activity was down 19% year on year across our network, a marked improvement to the low point of 77% down in April,' he said.

'We will closely monitor trading in the important US business traffic season, post Labor Day.'

'Building on our effective cost management and with our flexible cost base now aligned with anticipated flight activity, we expect improved performance in the second half compared to the first half.'






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