CityJet 2015 results see major reduction in losses and signals improvement through 2016
Dublin, Friday, 25th November, 2016: CityJet, the Dublin-based European regional airline, has revealed a 66% reduction in operating losses in 2015 over 2014 as it published its results for this transitional year. The 2014 results in turn showed an improvement of 38% over its previous year loss. Operating losses for 2015 were €10m, down from €30.6m the previous year. Total revenue reduced from €179.8m in 2014 to €165.1m in 2015 as the airline continued to streamline its business. This followed its independence from former owner, Air France, in 2014. This streamlining included significant changes to its network and commercial strategy and a major business process reorganisation programme to make the airline fit for purpose as an independent airline.
Executive Chairman, Pat Byrne, said: "These results clearly illustrate the improving trading position of CityJet as we continue to reshape the business into a profitable and sustainable aviation operator. In 2015, we sowed the seeds of this restructuring, ordering new aircraft, acquiring an airline in Finland and securing long term wet lease business to de-risk us from the volatility of the air transport markets.”
“CityJet today employs over 900 staff, an increase of 80% on 2015; and we are currently witnessing 2016 revenues 30% higher than 2015. We have taken delivery of eight new CRJ900 jets, which we operate for SAS (Scandinavian Airlines), with four more CRJ900s arriving next March. We also took delivery of the first three new Superjet SSJ100s, from an order of 15, which we are we very successfully placing in the charter and wet lease markets. Today, we have 50% of our operating fleet on wet lease services for other airlines, up from 30% in 2015. We have a total fleet today of 26 aircraft, with an additional nine aircraft due in 2017. This contrasts with a total fleet of 17 at the end of 2015.”
“Clearly this is a growing business, with more growth to come. The 2015 results show that the trajectory we are on is delivering results.”
CityJet currently employs over 900 staff, with bases at Amsterdam, Dublin, London, Stockholm, Paris and Helsinki. CityJet now operates from London City Airport to Amsterdam, Antwerp, Dublin, Florence, Nantes, Paris, Rotterdam, Toulon and Avignon. Four aircraft are based in Paris operating services on behalf of Air France, with eight in Stockholm and Helsinki operating on behalf of SAS (Scandinavian Airlines). The current fleet is eight CRJ900, three Superjet SSJ100 and 15 Avro
RJ85. Our CRJ 900 fleet will increase to 12 and our Superjet SSJ100 fleet will number eight by mid-year 2017.