Titan Airways Narrows Losses through Diversification

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.

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Pleasing Performance

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."

Diversifying its Business

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