February 2024 marked a significant milestone for PLAY Airlines (OG/FPY), witnessing a substantial increase in passenger numbers and load factor compared to the previous year.
We look into the details of PLAY’s performance and the factors driving its success to date.
PLAY Airlines Performance in February 2024
PLAY Airlines carried an impressive 106,042 passengers in February 2024. This represents a remarkable 66% surge from the same period last year.
The airline also experienced a notable increase in its load factor, reaching 81% compared to 76.9% in the previous year.
This surge in demand can be attributed to various external factors. Notable is the rebound from the decline in demand following inaccurate global news coverage of seismic activity in Reykjanes peninsula last fall.
Market Analysis
Breaking down the passenger distribution, 27.9% traveled from Iceland, 40% were destined for Iceland, and 32.1% were connecting passengers.
Notably, the North American market witnessed a substantial increase in load factor, from 67% in February 2023 to 78% in February 2024.
Key destinations such as Paris and Barcelona boasted over 90% load factor, while Alicante maintained a load factor around 90%.
On-Time Performance
In February, an impressive 90% of PLAY’s flights arrived on time, showcasing the airline’s commitment to punctuality.
The on-time performance for the year 2024 to date stands at 84.1%, reflecting the airline’s reliability and efficiency.
New Destinations and Record Sales
PLAY announced the addition of exciting new destinations, including Madeira in Portugal, Marrakech in Morocco, Vilnius in Lithuania, and Split in Croatia.
The airline witnessed robust sales in February, culminating in a record-breaking sales week at the beginning of the month.
This surge in demand highlights the continued positive trajectory of PLAY’s operations.
PLAY CEO Statement
Birgir Jónsson, CEO of PLAY, expressed optimism regarding the airline’s performance, citing the return of demand to the market after a challenging period.
He highlighted the significant milestones achieved, including securing substantial share subscription commitments and launching new destinations.
Jónsson emphasized PLAY’s commitment to maintaining low costs, growing revenue, and delivering quality service to passengers.
Financial Milestones
PLAY reached a significant financing milestone with share subscription commitments totaling ISK 4000 million (around 30m USD) from existing and new shareholders.
This financing positions the airline for its next growth phase, enabling it to pursue future goals with financial stability and focus.
Outlook for Summer Season
Comparing the upcoming summer season to the previous year, PLAY anticipates significantly higher load factors and yields, along with continued growth in ancillary revenue.
The airline remains committed to enhancing its operational efficiency and delivering value to passengers.
Summary
PLAY Airlines, a relatively new Icelandic low-cost carrier, has shown impressive growth and performance in its short time operating. Here’s a summary:
- Passenger Numbers: PLAY carried 1.5 million passengers in 2023, doubling their revenue from 2022.
- Load Factor: They maintained a high load factor of 83.4% throughout 2023, indicating full planes on most flights.
- On-Time Performance: PLAY boasts a commendable on-time performance (OTP) of 83.4% in 2023, with an average delay of only 5.4 minutes per flight. This was particularly noteworthy considering the air traffic controller strikes they faced in December 2023.
- Growth: They are continuously expanding their network, adding new destinations like Madeira, Marrakech, Vilnius, and Split. They also plan to increase their fleet size in 2024 and 2025.
With above average load factors and on-time performance, PLAY are establishing themselves as a viable and competitive option in the European market, especially for budget-conscious travelers.
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