DALLAS – London Stansted (STN)-based Titan Airways (ZT) has revealed record revenues of £187m (US$237m) for the 12 months ending March 2023. It also marks a return to profit for the charter and ACMI carrier after two years of losses.
Revenues were up 55% from the previous financial year and up from the £118m pre-pandemic. Its operating profit for the year just closed stood at £9.6m.
The airline has said that the turnaround in its fortunes has been down to the diversification of its business, boosting its fleet utilisation and the growth in its passenger operations. In March 2023, it commenced operations for Jet2.com, damp pleasing a pair of Airbus A321s to the airline until November. The deal also covered the provision of another two aircraft for next year.
In 2021, ZT introduced the Airbus A321 converted freighter and now operates four of the type, plus an Airbus A330-300 converted freighter. It also has a conversion slot for a fifth A321P2F.
Titan has also recently retired its last Airbus A318, Boeing 737 freighter, and its final Boeing 757-200 (G-ZAPX) in May this year. This has allowed the carrier to focus its passenger fleet around the Airbus family, including the A320ceo and A321ceo, plus the A321neoLR.
It plans to regrow its fleet to replace these retired aircraft. However, the limited availability of airframes and delivery slots means it is now awaiting “the right opportunity” to fulfil this ambition.
Looking ahead, the airline said in its results disclosed to the UK’s companies house that it expects to remain profitable throughout the year, “albeit not at the record levels achieved this year.”
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