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Gardner details Covid impact but sees recovery as question of when not if | News

Gardner details Covid impact but sees recovery as question of when not if | News
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UK parts firm Gardner details pain from plunging volumes

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.

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