Volotea increases operating profit to €13.6M in 2018, up 63%

Volotea, the airline of European mid and small-sized cities achieved record operating profit (EBIT) of €13.6m in 2018. Turnover exceeded €396.1m, up €89m year-on-year in comparison to €307.5m achieved in 2017.

Volotea has released today its 2018 results reporting an increase in revenues up to €396.1m, representing an increase of €89m, a 29% growth in comparison to €307.5m achieved in 2017. Seat revenues reached €258.4m up 28% and Ancillary revenues reached €137.7m, 31% higher than the previous year, representing 35% of Total Revenues and ranking among European leading airline industry standards.

Volotea operated 53,400 flights in 2018 (up 20%) and carried 6.57 million passengers (up 36%) with a 93.1% load factor, 7.7 bps higher than the one in the previous year. Four new Airbus A319 aircraft were added to Volotea’s fleet in 2018, reaching a fleet of 30 operating aircraft. Volotea’s average headcount was 888 employees (up by 230 in comparison to 2017) and reaching a total of 1,078 in peak season.

2018 Operating Profit (EBIT) was up 63% reaching €13.6m in comparison to €8.3m reported in the previous year and hitting record Operating Profit numbers in the seven years of Volotea’s activity. EBITDAR for the year also reached highest levels totaling €55.6m versus €41.7 in 2017, representing a 33% increase year-on-year.

We are very happy with our financial results, showing continuous strong growth. This proves the success of our strategy connecting mid-sized European cities with direct flights, avoiding hubs. Also, adding additional Airbus A319s allows us to increase our capacity with a more cost-competitive aircraft, increasing our profitability year-on-year”, Carlos Muñoz. Founder and CEO of Volotea stated.

In 2017 Volotea adopted IFRS 16 accounting standards for issuing its Consolidated Annual Accounts, becoming one of the first companies in Spain and in the European airline sector to embrace this regulation. 2018 results are also presented under IFRS 16 accounting standards.

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