From GlobeNewswire: 2025-02-17 10:57:00

FLY Play hf. saw improved financial results in 2024, with revenues increasing by 4% to USD 292 million. The company carried 1.6 million passengers, with a load factor of 85.3%. Despite a negative EBIT of USD 30.5 million, PLAY’s new business model is showing promise and driving higher revenues.

CEO Einar Örn Ólafsson stated that the new business model is reflected in Q4 results, signaling progress. While EBIT remains substandard, improvements are evident, with a positive outlook for 2025. PLAY’s cash position strengthened compared to last year, and market conditions may lead to capital increases.

PLAY carried 336 thousand passengers in Q4 2024, with a load factor of 82.5%. The company’s on-time performance was 82.7% in Q4 and 87.5% for the full year 2024. New destinations were added, and customer satisfaction increased by 27% in 2024.

Financially, total revenue for Q4 2024 was USD 59.0 million, with a decrease driven by reduced capacity and scheduling changes. EBIT improved by USD 4.7 million in Q4, but the net loss for 2024 was USD 66.0 million, influenced by accounting adjustments. PLAY’s cash position at the end of 2024 was USD 23.6 million.

Looking ahead, PLAY expects unit revenue to continue improving in 2025, driven by a focus on holiday destinations. Agreements for three aircraft from spring 2025 will increase profitability and predictability. Cost efficiency measures aim to reduce overhead costs by 15-20%, with improved EBIT expected in all quarters except Q1.



Read more at GlobeNewswire:: Fly Play hf.: Financial Results 2024