Norse sees positive signs for the summer season as sales year to date are up approximately 80% compared to the same period previous year. Furthermore, charter revenues booked and under negotiation far exceeds charter revenues achieved in 2023, and we now see a clear path to profitability on a year-round basis.
On 23 January 2024, the Company announced that it has formally appointed Seabury Securities as investment banker to support Norse in the execution of some of the strategic options identified under Seabury's assignment as strategic advisor that was announced in November 2023.
Several options are being pursued, and in addition to possible investments from strategic investors, also commercial partnership options are of interest. Not all options are mutually exclusive, and therefore, potentially more than one initiative could be led into a final closing.
Bjorn Tore Larsen, CEO and Found Norse Atlantic Airways said: "Q4 marked the completion of Norse's first full year of operations, in which the Company carried almost one million passengers across 4,000 flights. Our robust operational excellence was clearly demonstrated as more than 99.5% of all scheduled flights were completed as scheduled despite growth in both the summer and winter schedules compared to the previous year. In 2023, Norse achieved strong CASK numbers and demonstrated its ability to drive ancillary sales to become one of the industry's leading airlines in ancillary revenue. In Q3, Norse delivered its first quarter of net profit demonstrating the validity of long-haul low-cost. In Q4 the Company introduced an improved service program and amenities for customers travelling in its Norse Premium cabin, allowing for an improved fare potential going forward. Seabury Securities were engaged by the Company to explore its strategic options, and in January Seabury were engaged for phase two allowing for these options to be pursued further.
When planning ahead for the winter and summer seasons in 2024 Norse has capitalized on lessons learnt in 2023. Among our priorities will be careful route selection, capturing unreleased fare potential, increasing load factor and developing further business opportunities within cargo and charter operations. The Company will also gradually develop its seasonal strategies as focus during the winter season will turn more and more towards pursuing opportunities in the charter market as a supplement to own scheduled flights. During the summer season the main focus will remain to serve Norse's own network."
For further information please see Q4 2023 report and company update presentation attached.
Contacts:
Investor contacts: Anders Jomaas, CFO, Anders.Jomaas@flynorse.com
Media contacts: Philip Allport, Senior Vice President Communications, media@flynorse.com
This information is subject to the disclosure requirements pursuant to Section 5 -12 the Norwegian Securities Trading Act and the Euronext Growth Rule Book part II.