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2019 04 30

Press release

Novaturas announces its Q1 2019 financial results

Novaturas Group recorded a 9.2% y/y growth in the number of clients served during the first quarter of 2019, strengthening its position as the leading tour operator in the Baltic states. In the increasingly competitive market environment, the Group managed to increase its revenue by 11.5% compared to the first quarter of the previous year.


In Q1 2019, Novaturas Group’s products and services attracted more than 41 thousand passengers, over 9% more than in the same period of the preceding year. The number of clients served by Novaturas grew year over year in all its core markets: Lithuania (+1%), Latvia (+20%) and Estonia (+13%), as well as in Belarus (+26%). This translated into 11.5% growth in revenue, which reached EUR 28.8 million. 

Egypt remains the most popular destination among the Baltics’ citizens in the winter season, accounting for more than a half of revenue from flight package tours in Q1 2019.

“Our strong sales performance is a result of the appeal of our constantly developed offer paired with well-balanced comprehensive distribution model that uses various channels to sell our products on different markets,Novaturas CEO Audronė Keinytė commented. “However, due to the increased competition, we expect lower growth or even flat sales y/y in the entire year 2019. Our efforts this year and in the long term will be focused on improving the Group’s efficiency and profitability,” she added.

On top of the increasing competition, the Group’s profitability in Q1 2019 was still affected by higher costs related to the change of its main aviation partner (in Q4 2018, troubled carrier Small Planet Airlines was replaced by GetJet Airlines). The Group’s gross profit decreased to EUR 3.6m (-26% y/y), while its EBITDA reached EUR 0.1 million (vs. EUR 1.3 million in Q1 2018), resulting in the net loss of EUR 0.1 million (vs. net profit of EUR 0.9 million in Q1 2018).

Despite the recorded net loss in Q1 2019, we remain committed to realize our strategy and constantly work on streamlining our operations. Our total operating expenses decreased by 0.9% y/y and after excluding commissions, which depend on sales, the Group’s total operating expenses decreased by 9% y/y,” Novaturas CFO Tomas Staškūnas pointed out.

Novaturas Group – selected financial results 

(EUR 000s)

Q1 2019

Q1 2018

y/y change





Gross profit








Net profit





About Novaturas

Novaturas Group is the leading tour operator in the Baltics states. Since 21 March 2018, Novaturas shares have been dual-listed on the Warsaw Stock Exchange and on Nasdaq Vilnius.

Novaturas was established in 1999, became the market leader in the Baltics in 2004. Aside from the Baltics, Novaturas has begun offering its products in Belarus, where they are retailed through local partners.

Novaturas continues to attract new clients thanks to its attractive and diverse offering and the high quality of its services. The Group offers both summer and winter package holidays as well as sightseeing tours by coach or plane to more than 30 destinations worldwide, including the most popular holiday resorts in Southern Europe as well as select locations in North Africa, the Middle East, Asia and Latin America.

The Group's strategy also aims to retain diverse and complementary distribution channels. Novaturas works with over 400 travel agencies, including all of the major agencies in the Baltics, and more than 60 in Belarus. It also operates retail offices of its own in main cities of Lithuania, Latvia and Estonia, and is investing in further development of its e-commerce channel.

The Company’s asset-light business model, which is characterized by strong cash flows from operating activities and low capital expenditures, allows it to pay out a large part of its earnings to shareholders. Paying regular dividends is one of the key elements of the Company's strategy. Every year the Management Board expects to propose for distribution 70% – 80% of the Company’s net profit.