Corsair reports positive financial results for FY2023/24
Corsair reported (05-Dec-2024) positive financial results for FY2023/24, labelling it a turning point in its recovery. The airline achieved an operating result of EUR3 million, improved EUR40.1 million year-on-year, and a positive net result of EUR1.1 million. This performance reflects the company's successful efforts to return to balance in 2024, following the complete renewal of its fleet and continuous improvements to its service offering. Corsair's turnover grew 9% to reach a record EUR701 million, with this growth driven by strong performances in freight (+17%) and ancillary revenues (+43%), alongside a rise in passenger numbers, which exceeded 1.4 million. Despite a less dynamic summer season due to the Olympic Games and a challenging political environment, the airline posted "particularly encouraging" results in Q4FY2023/24, outperforming the previous year. [more - original PR - French]
Background ✨
Corsair's recent positive financial performance follows significant restructuring efforts, including a EUR106.7 million state aid package approved by the European Commission, which involved commitments such as not acquiring new interests and closing certain routes1 2. The airline has been focusing on profitable routes, fleet optimisation, and reducing staff costs to restore its viability by 20231. Additionally, Corsair's financial restructuring included a shareholder round table with private entrepreneurs, awaiting further adjustments pending European Commission approval3.