Atlantic Airways Excellent Results

Atlantic Airways’ results before taxes were DKK 20.2 million in 2014. This is an excellent result for a busy year with increase in both revenue and passengers

 

For Atlantic Airways 2014 proved a good and eventful year. Business activity has been high and the company has undergone thoroughgoing structural changes. Good year-end results, strong liquidity and an increase in passengers while executing significant structural changes – these factors the board finds convincing; the company’s new direction is on the right track.

 

The annual results in 2014 more than doubled compared to 2013. Last year’s results were DKK 20.2 million compared to DKK 8.7 million in 2013. Results after taxes were DKK 16.5 million in 2014 compared to DKK 7.1 million in 2013.

 

Revenue increased with 6 %, from DKK 542.2 million in 2013 to DKK 573.7 million in 2014. The number of passengers rose from 225,200 in 2013 to 237,028 in 2014, a growth of 5 %.

 

The company’s liquidity was DKK 103 million at year-end. This is DKK 13 million less than in 2013. However, the board finds this satisfactory since the company has gone through major structural changes and has repurchased company shares to the amount of DKK 68 million.

 

These results point in the right direction and the board is committed to the path set out in the new strategy implemented last year. The new strategy simplifies the company’s operations, the focus now being the development of a solid route network in the Nordic countries with the Faroes Islands as hub. The current routes are the company’s first priority. The remaining capacity is sold, when possible, to chartered flights. All development in Atlantic Airways focuses on the local region.

 

- The company wants to be recognised as a significant gateway to the rest of the world, a gateway with many and diverse connections to our neighbouring countries. We open more doors to the rest of the world. In so doing, we have brought both Atlantic Airways and the rest of the world closer to the Faroes, says Niels Mortensen, Chair of the Board.

 

The board and management believe the simpler fare structure – in addition to the 799 ticket and the generally lower fares – has been very well received overall. Sales have increased and the most recent customer survey, conducted in February, shows that customers are more satisfied with ticket prices compared with the customer survey conducted in October 2014. The survey in February was conducted after the last revision in fares and conditions was announced on 3 December 2014. The new EARLY and ALWAYS tickets are the last brick in the company’s cheaper and more transparent fare structure. Atlantic Airways has sold some 30.500 one-way 799-tickets since June 2014.

 

The implementation of the new strategy continues to be rolled out on time. However, no strategy is set in stone. Therefore, if changes do not produce the expected results, these can of course be revised. However, what is not up for negotiation is that Atlantic Airways first and foremost exists to serve the Faroe Islands and the Faroese.

 

Atlantic Airways has come home. Atlantic Airways, centred in the Faroes and with its excellent employees, stands on solid ground and is ready to meet the challenges the future holds.

 

 

Yours sincerely,

Atlantic Airways

 

 

For further information, please contact Niels Mortensen, Chair of the Board, at +298 21 69 28


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