Novaturas Group Reports Audited Results for 2024

Core Insights - Novaturas Group reported audited revenues of EUR 201 million for 2024, a 3.6% decline from 2023, with a total of 239,000 travelers served, down 8% from 259,000 in 2023 [1][17] - The company experienced a net loss of EUR 7.6 million for the year, primarily due to a one-off goodwill impairment of EUR 5.7 million [3][15] - Despite challenges in the first half of 2024, the company returned to profitability in the fourth quarter with an adjusted EBITDA of EUR 2.3 million [1][2] Financial Performance - Revenue for 2024 was EUR 200.9 million, compared to EUR 208.3 million in 2023 [15] - Gross profit decreased to EUR 20.7 million from EUR 26.2 million in 2023 [15] - The adjusted annual EBITDA was reported at EUR -449,000, while the net loss reached EUR -7.6 million [3][15] Operational Highlights - The first half of 2024 was marked by a challenging oversupplied market, leading to a negative EBITDA of EUR -1.6 million [1] - A stronger autumn and winter season improved results, with unaudited EBITDA at EUR -863,000 and a net loss of EUR -2.5 million [2] - The company successfully increased traveler numbers to popular destinations, with a 149% increase in trips to Spain and significant growth in long-haul travel sales [12][13] Strategic Developments - In early 2025, Novaturas entered a partnership with strategic investor Neset Kockar, acquiring a 23.2% stake, with plans for further acquisition to 33.19% [7][8] - The company plans to review its strategy and develop collaborations with the new shareholder's businesses to enhance offerings for Baltic travelers [9] - Novaturas is testing a hybrid travel packaging solution to provide a wider range of hotel options and pricing for clients [10] Market Trends - The company adjusted its travel offerings based on customer preferences, leading to higher operational efficiency [11] - Group travel segments, particularly sports and activity-based trips, gained popularity, with Turkey and Greece being favored destinations [13] - The share of last-minute bookings was successfully reduced, and the aircraft load factor increased to 98.9% in the fourth quarter [14]