UK charter carrier Titan Airways returned to profit for the 12 months ending March 2023, a year in which it posted record revenues of £187 million ($237 million).
The improved performance, disclosed in accounts filed with the UK’s Companies House, was driven by a boosting of its fleet utilisation amid the return of regular passenger operations following the easing of Covid travel restrictions.
Titan revenues jumped 55% on the previous year and were above its pre-Covid high of £118 million for the 2019-20 financial year. This helped the carrier turn round two years of losses incurred during the pandemic, posting an operating profit of £9.6 million for the financial year just closed.
The carrier has been undertaking a fleet overhaul under which it completed a move to an all-Airbus fleet in May when, having returned its last Boeing 737 freighter, it retired its last Boeing 757.
“Although these disposals have resulted in a reduced fleet size for the forthcoming year, it is fully anticipated the company will maintain profitability, albeit not at the record levels achieved this year,” Titan says.
”The company awaits the right opportunity to regrow the fleet, with the immediate replacement of these aircraft being restricted by the limited availability of quality aircraft and current high asset values.”
Titan last November took its third Airbus A321neo passenger aircraft and, having taken an A330 freighter in the summer of 2021, is introducing a fourth A321 converted freighter this year. It also holds a freighter conversion slot for a fifth A321.