80.6% Load Factor, 86,661 Passengers, Record Sales and Strong Revenue Growth
In March 2023, PLAY carried a total of 86,661 passengers with a load factor of 80.6%. This is a significant growth from March of last year when the load factor was 67% and passengers flown were 23,700. Passengers in PLAY’s network in March have therefore tripled between years, signifying a momentous growth trajectory.
Of the passengers in March 2023, 26% were traveling from Iceland, 39% were traveling to Iceland, and 35% were connecting passengers (VIA). March saw a significant year-on-year increase in the number of passengers traveling to Iceland. PLAY is committed to growing its market share in the important market segment of tourists coming to Iceland and this increase demonstrates a strengthening market position in the international markets.
March was another record month in terms of ticket sales. Furthermore, the company sees a continuing growth trend in average yields and ancillary revenue. This growth in revenue further suggests that the airline’s increased capacity this year is well aligned with market demand.
In March, 87.4% of PLAY’s flights arrived on schedule, again a very impressive achievement for the company’s operational teams and crews during challenging winter operations in Iceland.
In Q1 2023, PLAY flew 212,408 passengers with a load factor of 78.4%. PLAY achieved an impressive 85.5% punctuality rate which is a considerably better performance than with the airline’s major competitors, making PLAY one of the most reliable carriers in its core markets.
Healthy cash position and strong forward bookings
Forward bookings are strong and the booking status for the year is significantly better compared with the same time last year.
Strong sales and a clear focus on managing working capital and operating expenses resulted in the cash position at the end of March 2023 being very similar to the year end of 2022. The seasonality of the aviation business in PLAY’s markets dictates that quarters one and four are the most challenging financially so this clearly shows the strength of PLAY’s business model and is a promising sign for the two upcoming all-important quarters over the summer season.
PLAY will fly to 37 destinations during 2023, including thirteen new ones, greatly expanding its network. The airline has seen particularly strong demand for its new leisure destinations such as Porto, Lisbon, Athens, and Bologna.
Birgir Jonsson, CEO:
“We are now entering the most exciting and fun time of the year for us at PLAY when we welcome around 200 new colleagues to the team, receive 4 brand-new aircraft, and launch 13 new destinations. The market is receiving us with open arms as is clearly demonstrated by the fact that we see our average revenue growing even as we nearly double our capacity. Furthermore, we see record sales month after month resulting in a healthy cash position coming out of this traditionally challenging first quarter. Load factors and passenger numbers are growing significantly and the booking flow and status for the summer is very strong. It´s great feeling the powerful tailwind helping to push PLAY into what I believe will be a great year for all of us and I sincerely look forward to a great summer season with this talented and dedicated team of Players.
Operational Statistics - March 2023
