Cargo expansion helps Titan Airways to narrow losses
09 / 08 / 2022
Source: Titan Airways
The delivery of new cargo aircraft helped UK-based freighter operator Titan Airways to narrow its losses and record revenues for the last financial year.
For the 2021/2022 financial year running to March, the company reported record revenues of £121.1m, an increase of 110.1%, gross profits improved to £4.6m from a loss of £10.8m and net loss for the year was £2.6m compared with £13m a year earlier.
During the year the airline took delivery of two A321 converted freighters and an A330F, while a B737F left the fleet in February 2022.
“The new aircraft are all deployed on long-term contracts, providing stable revenue streams and help reduce the seasonality challenges that are endemic within the industry,” the airline explained.
The company said the performance was affected by the Covid pandemic and Brexit but it remained positive about the coming year.
“Given the ongoing challenges presented to the industry by the Covid-19 pandemic, the directors are extremely pleased with the performance of the company,” the company explained.
“Severe travel restrictions remained in place for most of the reporting period but thanks to the diverse business mix and the company’s agile nature, securing new niche contracts, the company results reflect a strong second half of the year.”
The improved revenues are the result of increased passenger fleet size, increased utilisation of cargo aircraft and increased size of its cargo fleet.
The A330F was used on a multi-year management contract with a global logistics company.
During the year, the company picked up a contract operating freighter services for Virgin Atlantic between Brussels and Heathrow. This has since been expanded to include Billund.
The company also set up a new Malta-based airline to operate its intra-European flying following Brexit.
The company is predicting record revenues and profits for the 2022/2023 financial year.
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