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Revenue increased by 104% to
USD 94.8 million in Q4 2023 compared to Q4 2022 - 230,489 passengers carried in Q4 2023, up 70% compared to Q4 2022
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Revenue per passenger increased 42% to
USD 340 in Q4 2023 compared to Q4 2022 - ASK up by 81% in Q4 2023 compared to Q4 2022 as Norse brought more aircraft into production
- Load factor increased by 12 percentage points to 70% in Q4 2023 compared to Q4 2022
- Great operational performance as 100% of planned flights were completed during the quarter
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Total cash held at end of quarter at
USD 54.8 million -
Generally, a heavy increase in production through second half of the year compared to the first half, with all Norse aircraft generating revenue since
1st July 2023 - Carrying close to one million passengers across 4,000 flights over the full year
- Improved service program allowing for greater fare potential introduced in Premium class
- Strong CASK numbers proving that long-haul low-cost is working - more to prove on revenue side
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New equity capital secured during quarter in a gross amount equalling
USD 55 million -
Strategic review identifying interesting strategic options to be pursued into next phase -
Seabury Securities appointed to support the company as an investment banker
Norse sees positive signs for the summer season as sales year to date are up approximately 80% compared to the same period previous year. Furthermore, charter revenues booked and under negotiation far exceeds charter revenues achieved in 2023, and we now see a clear path to profitability on a year-round basis.
On
Several options are being pursued, and in addition to possible investments from strategic investors, also commercial partnership options are of interest. Not all options are mutually exclusive, and therefore, potentially more than one initiative could be led into a final closing.
When planning ahead for the winter and summer seasons in 2024 Norse has capitalized on lessons learnt in 2023. Among our priorities will be careful route selection, capturing unreleased fare potential, increasing load factor and developing further business opportunities within cargo and charter operations. The Company will also gradually develop its seasonal strategies as focus during the winter season will turn more and more towards pursuing opportunities in the charter market as a supplement to own scheduled flights. During the summer season the main focus will remain to serve Norse's own network."
For further information please see Q4 2023 report and company update presentation attached.
Contacts:
Investor contacts: Anders Jomaas, CFO, Anders.Jomaas@flynorse.com
Media contacts:
This information is subject to the disclosure requirements pursuant to Section 5 -12 the Norwegian Securities Trading Act and the Euronext Growth Rule Book part II.
Norse
https://news.cision.com/norse-atlantic-airways-as/r/norse-atlantic-asa--q4-2023-successful-completion-of-first-full-year-of-operations--with-continued-g,c3937057
https://mb.cision.com/Main/21212/3937057/2633893.pdf
https://mb.cision.com/Public/21212/3937057/8a658f4d58cff1cc.pdf
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