Titan cuts losses and sees profits ahead after freight expansion

UK carrier Titan Airways highlights the diversification of its activities, including the introduction of Airbus A321 converted freighter operations, as driving a sharp cut in losses for the year ending March 2022 and bright prognosis for the coming year. Titan reduced its pre-tax losses from GBP16.3m ($19.7m) in its 2021 financial year to GBP3.6m last year, despite the continued impact on travel demand of the pandemic. It cut net loss to GBP2.6m for the year to March 2022, a sharp improvement on the GBP13m loss incurred the previous year. The improved performance was driven by a more than doubling in revenues to GBP121m, surpassing its pre-Covid high of GBP117m. “Given the ongoing challenges presented to the industry by the Covid-19 pandemic, the directors are extremely pleased with the performance of the company,” Titan says in its results commentary. ”Thanks to the diversified business mix and the company’s agile nature, securing new niche contracts, the company results reflect a strong second half to the year.” Notably that includes the expansions of its cargo activities, including securing contracts for its A321 converted freighters. Titan took delivery of the first of these at the start of 2021 and now operates three – with conversions slots for a further two units this year. It also took delivery of an A330 freighter in August, while returning an A318 and Boeing 737 freighter at the end of their leases during its last financial year.<br/>