By Dominic Perry2021-01-11T12:20:00+00:00
Airbus and Boeing parts manufacturer Gardner Aerospace has laid out the devastating impact of the industry downturn on its business, highlighting a 45% drop in revenue across the first nine months of 2020 and a full-year operating loss for the Derby, UK-headquartered firm.
In addition, a cash-crunch triggered by the fall in revenues forced the company to seek more than $60 million in additional funding: $20 million from the UK government; $14.6 million from France; and $30 million from Chinese owner Ligeance Aerospace Technology.
Source: Gardner Aerospace
And while extensive cost-cutting and restructuring measures enabled Gardner to become profitable at an EBITDA level in the final quarter of the year, it is pessimistic about a rapid recovery for the sector.