Turnover exceeded €396m, up 29% year-on-year.
During 2018, Volotea achieved 93% seat load, after carrying 6.6 million passengers and opening three new bases in Athens, Bilbao and Marseille.
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Barcelona, May 23rd, 2019 - 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.
Volotea’s Growth
Volotea, the airline of European mid and small-sized cities, has carried more than 22 million passengers since its first flight in 2012 and 6.6 million in 2018.
In 2019, Volotea is opening 41 new routes to serve a lineup of 319 routes, operating flights to more than 80 mid and small-sized European cities in 13 countries: France, Italy, Spain, Germany, Greece, Croatia, the Czech Republic, Portugal, Malta, Austria, Ireland, Luxembourg and Morocco. The airline expects to carry more than 7.5 million passengers in 2019.
Volotea has currently twelve bases: Venice, Nantes, Bordeaux, Palermo, Strasbourg, Asturias, Verona, Toulouse, Genoa, Bilbao, Marseille and Athens. These last three have been inaugurated in 2018. Volotea will inaugurate a new base in Cagliari on May 30th 2019.
Volotea employs over 1,200 people in 2019 capitalizing in its activity growth. This year 200 new positions have been created.
Volotea operates its network with 36 aircraft, Boeing 717s and Airbus A319s, after adding six additional aircraft in 2019. Both models are recognized for their comfort and reliability, with Volotea offering reclining seats which are 5% wider than the average in airlines.
The Airbus A319 is the aircraft model selected for its future growth and will allow the company to increase its passenger capacity by 25% to 156 seats and to serve longer routes.
Volotea has been the most punctual low cost airline in Europe in the first quarter of 2019 with 90.4% punctuality rate, according to FlightStats.com
In 2019, Volotea will launch new services and develop new management developments to continue increasing customers’ satisfaction. Volotea achieves an 93,4% recommendation rate among its clients.