On April 29, 2022, Avia Solutions Group reported its audited consolidated financial results for the financial year ending 31 December 2021.
Despite the global COVID-19 crisis that continued to have a significant impact on the aviation industry, Avia Solutions Group's recovery has outpaced the industry-wide recovery. The Group has shown impressive results, with the revenue for the year increasing by 46%, from €695 million in 2020 to €1 billion in 2021. EBITDA has increased by 42%, from €109 million in 2020 to €155 million in 2021. While in 2020 the Group has experienced a net loss of €52 million due to the negative impact of the COVID-19 global pandemic, in 2021 the Group earned €34 million in net profit.
“2021 has been a year of recovery for the whole aviation industry, Avia Solutions Group included. And this clearly reflects in our group financial results for the year,” said Jonas Janukėnas, CEO of Avia Solutions Group. “Due to our wide service portfolio, diversification as well as focused attention to the ACMI and cargo segments of our business, we were able to increase our revenue by 46 % and reach an impressive €1 billion in revenue. By focusing on successful areas of the aviation industry – ACMI and cargo – we have significantly expanded our fleet, thus becoming leaders in end-to-end capacity solutions for passenger and cargo airlines worldwide. I believe that strong financial results are proof that Avia Solutions Group's strategy is a viable choice, and we plan to continue developing our champion segments throughout 2022 and beyond.”
The expansion of the cargo and ACMI operations that was started in 2020 was further developed during 2021. The Group companies expanded their fleet by 72%, from 54 to 93. The aircraft fleet continued to increase also in 2022 and now reached 137 aircraft.
In September 2021, Avia Solutions Group entered into a strategic partnership with Certares Management, a leading investment specialist in the travel and tourism sectors. The investment management company, based in the United States, has invested €300 million in the Group's capital. The partnership gives the Group access to Certares' impressive experience and a wide network of possible partners.
Through 2021 Avia Solutions Group made a number of important acquisitions as well as partnerships with well-known and respected entities. In August 2021, Avia Solutions Group has acquired Manchester-based Chevron Technical Services Ltd (CTS), and its Prestwick-based subsidiary Chevron Aircraft Maintenance Ltd (CAM) providing aerospace solutions to the aircraft maintenance industry.
In October 2021, Avia Solutions Group has acquired Biggin Hill Hangar Company Limited and its Hangar 510, a premium passenger terminal and maintenance and repair operations centre at Biggin Hill, one of the UK's leading business aviation airports.
To highlight the importance of future technologies and innovation in the aviation industry, during the third quarter of 2021, Avia Solutions Group established a holding company, Digital Aero Technologies, which unites technology-driven and forward-thinking aviation companies, covering various tech areas and fields – from news and recruitment to smart tools and online platforms.
The diversified portfolio of the Group's products and services, its strong market position and focus on the ACMI and cargo segments were key factors that played a main role in the Group's results. The largest share of the Group's revenue is generated in Western Europe at 79%, in Asia at 8% and in the Americas at 4%.
Avia Solutions Group continues to plan active development in the Western European and North American markets.