Titan Airways Narrows Losses through Diversification
Thanks to the diversification of its business, Titan Airways (ZT) has managed to reduce its losses in the last year.
Thanks to the diversification of its business, Titan Airways (ZT) has managed to reduce its losses in the last year.
DALLAS - London Stansted-based Titan Airways (ZT) has announced that it has driven down its losses for the year ending March 2022 thanks to the diversification of its flying activities.
The charter and ACMI specialist revealed record revenues for the 2021/2022 financial year of £121.1m. This was beyond the airline's pre-COVID high of £117m.
It managed to cut pre-tax losses from £16.3m to £3.6m and net losses from £13m to £2.6m.
Listen to this article:
Speaking of the results, a Titan spokesperson said: "Given the ongoing challenges presented to the industry by the Covid-19 pandemic, the directors are extremely pleased with the performance of the company."
"Thanks to the diversified business mix and the company's agile nature, securing new niche contracts, the company results reflect a strong second half to the year."
Diversification has seen the expansion of its cargo actives, including the operation of three Airbus A321P2F (passenger to freighter), the first of which it received in January 2021. It also received an Airbus A330-300P2F in August 2021, which global logistics company Geodis Air Network currently uses.
It has recently been operating freighter services for Virgin Atlantic (VS) between Brussels (BRU) and London Heathrow (LHR). It has since added Billund (BLL) to the network.
"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 added.
Titan has also managed to refinance two group loans, and thanks to the increase in passenger numbers, the airline has said it "expects a strong performance in 2023, with potential record results."
Featured Image: Three A321P2F are currently in service and it has conversion slots on two more airframes. Photo: Photo: ST Engineering
.webp)
David H. Stringer, the History Editor for AIRWAYS Magazine, has chronicled the story of the commercial aviation industry with his airline history articles that have appeared in AIRWAYS over two decades. Here, for the first time, is a compilation of those articles.
Subjects A through C are presented in this first of three volumes. Covering topics such as the airlines of Alaska at the time of statehood and Canada's regional airlines of the 1960s, the individual histories of such carriers as Allegheny, American, Braniff, and Continental are also included in Volume One. Get your copy today!
