3.8%. We continue to actively search for possibilities to make further efficiency improvements while maintaining high quality service level,” Novaturas CFO Tomas Staskunas pointed out.
“In H1 2019, our profitability was still slightly affected by higher costs related to the change of our main aviation partner in Q4 2018, but this effect is diminishing and should no longer weigh on our financial results,” the CFO elaborated.
“We’re focused on defending our leading market position. We have prepared a very attractive and diverse offer for the upcoming 2019/2020 winter season, a significant part of which has already been booked. We have recorded a 5% y/y increase in early bookings, with significantly higher profitability as compared to the previous year. We are going to start next summer season with similar seats capacity as for 2019, constantly exploring opportunities to increase it further. For example, we are aiming at increasing volumes of sightseeing trip sales, with new sightseeing trips by plane already offered for Latvian and Estonian markets,” Novaturas CEO Audronė Keinytė announced.Novaturas Group – selected financial results
(EUR 000s) |
H1 2019 |
H1 2018 |
y/y change |
Revenue |
83,260 |
80,239 |
+3.8% |
Gross profit |
10,060 |
14,113 |
-28.7% |
EBITDA |
1,728 |
5,875 |
-70.6% |
Net profit |
437 |
4,402 |
-90.1% |
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.