Norse Atlantic Airways has increased its Q1 revenue by 97% year-on-year as the low-cost Norwegian airline moves closer to year-round profitability.

“The first quarter has shown major development on all metrics compared to the first quarter of the previous year,” explained Norse CEO and Founder Bjorn Tore Larsen, adding that the airline’s goal is to see the cost per available seat kilometre (CASK) continuously decreasing year-on-year for each quarter; with Norse remaining “steadfast in its commitment to achieve the lowest CASK in the Transatlantic market”.

During the quarter, the total number of passengers carried rose 83% year-on-year, with the airline’s load factor also increasing by 19 percentage points to 73% in Q1 2024. The cost per available seat kilometre (excluding fuel) was down by 28% year-on-year. (As Norse does not have any fuel hedging arrangements in place, it is therefore fully exposed to fluctuations in fuel prices.)

“We are looking forward to the busiest season so far in Norse Atlantic’s short history,” added Larsen, confirming that Norse’s own fleet is set to increase from 10 to 12 over the coming months following the return of two leased aircraft; a capacity growth of 20%. The airline’s strategy of having “strategically sub-leased five aircraft to another airline, allowing for a gradual phasing-in of the total fleet of 15 aircraft throughout the ramp-up period,” also aligns with its intentions of operating 15 by summer 2025.

Norse’s route expansion this year will see Athens, Las Vegas and Cape Town join its global network. Its winter seasonal strategy will also place “more emphasis on holiday destinations and charters,” building on Norse’s success in operating a record high of 107 charter flights during Q1 2024. “We will refine this strategy further for next winter, with several longer-term contracts secured or under negotiation,” concludes the airline.
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