Novaturas Group, the leader in the Baltic tourism market, generated revenues of EUR 22,6 mln. in September, compared to EUR 24,1 mln. during the same period last year. The number of customers served was 27 thsnd., compared to 29 thsnd. in September last year.
In total, between January and September 2024, the company recorded revenues of EUR 152 mln. and 192 thsnd. customers, compared to revenues of EUR 164 mln. and 210 thsnd. customers in the corresponding period in 2023.
"We noticed a drop in demand in the summer season due to the very wide travel offer on the market. However, we started October with a load factor of almost 90% for travel this month, and we see the increasing load factor in autumn as a sign of strong customer trust in our services. This results in a lower balance of last-minute trips, which implies a positive outlook for the company. We are optimizing the winter travel program, taking into account travelers' behavior and choices. However, when evaluating winter sales overall, we see a positive trend, with the number of travelers increasing by almost 20% compared to the same period last year. All these results emphasize the resilience of Novaturas in a dynamic environment and its continued leadership in the Baltic region," comments Kristijonas Kaikaris, CEO of Novaturas.
With volumes in Turkey declining in the summer season due to the abundance of supply in the market, the availability of a wide range of destinations has allowed for diversification. Travellers continued to choose Montenegro, which has been popular for many years, for their holidays. Also, sales grew strongly in the Spanish resorts of Costa Brava and Costa Dorada.
The company has been assessing the upcoming winter season, and has recorded a growing interest in Egypt, the United Arab Emirates (Dubai), and the Canary Islands. Novaturas customers can choose not only the most popular recreational directions, but also long-haul exotic, skiing destinations and sightseeing programmes that are not offered by other tour operators. In September, early winter bookings in Lithuania (+23%) and Latvia (+30%) were higher than in the same period last year. Estonia recorded a decrease, attributed by the company to the general slowdown of the market due to the macroeconomic situation in this country, as already announced.
The Egyptian resorts of Sharm el-Sheikh and Hurghada remain the first choice of Baltic travellers for winter holidays. The situation in these resorts is currently secure, hotels are ready for the busy holiday season and travellers are keen to choose this destination. Compared to last year, there is an increase in demand for Egypt for the coming winter months (37% group-wide). It should be noted that there are currently no restrictions on travels to Egypt. In any case, the safety and well-being of travellers are the top priorities of the company, and Novaturas is constantly monitoring the security situation in the region as a result of the military conflict in the Middle East, the recommendations of the authorities in charge, as well as keeping contact with local representatives and partners. If there occur any changes, the company is ready to react.
The new CFO starts work
Darius Undzenas, who has a long and complex experience in financial management, has taken up the position of the company's CFO. He has joined the Novaturas top management team on a group-wide basis in Lithuania, Latvia and Estonia.
According to the new CFO, the key priorities are to ensure operational efficiency in the company, to take decisions on raising additional financial capital and optimising the budget, as well as to strengthen the finance team and develop competences.
About the company?
Novaturas Group is the largest and the only charter flights' local tour operator in the Baltic States, offering summer and winter trips to more than 30 destinations worldwide and more than 100 tours. Based on audited data, in 2023 Novaturas Group recorded revenues of EUR 208,3 million and served 259 000 passengers in Lithuania, Latvia and Estonia.?
Darius Undzenas
CFO
+370 678 05749
