West Atlantic reports strong growth in the second quarter
West Atlantic, the Swedish air freight company, improved its financial performance significantly in the second quarter with an underlying revenue growth of 7.4 per cent compared to the same quarter in 2014. The growth is primarily attributable to the Boeing 737 fleet expansion and the deployment of the first Boeing 767 aircraft during the period.
"We are delighted to deliver a strong underlying growth in the second quarter following the successful development of the Group's air freight services. West Atlantic was awarded six new B737 contracts and our first B767 aircraft was deployed in operations", says Gustaf Thureborn, CEO of West Atlantic.
Revenues grew 15.1 per cent compared to the same quarter 2014, and adjusted EBITDA increased to TSEK 65,518 (53,922), corresponding to a margin of 19.4 per cent (18.4).
The overall development of the European air freight market remains strong with regards to both temporary cover and long term additions which is illustrated by the awards during the second quarter.
"We believe the strong revenue growth will continue throughout 2015 and the start of 2016", says Gustaf Thureborn.
The full report can be downloaded at http://www.westatlantic.eu/
For further information, please contact:
CEO, Gustaf Thureborn, +46 (0)10-452 95 00
CFO, Magnus Dahlberg, +46 (0)10-452 95 00
IR Manager, Thomas Backteman, +46 (0)708-31 11 66
The West Atlantic Group is one of the market leading providers of dedicated air freight services to European NMO's and air freight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network, based around six logistic hubs, and currently operates 51 scheduled destinations. The aircraft portfolio includes 46 customised aircraft in service, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and per December 31 2014 West Atlantic had 488 employees. For 2014 West Atlantic reported revenues of MSEK 1,244 and adjusted EBITDA of MSEK 224.
West Atlantic AB (Publ) discloses the information contained in this interim report pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act.
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