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VLM declares eighth straight year of profit
VLM Airlines saw 2005 after tax profits rise by 43% to €1.35 million – its eighth consecutive year in the black.
Operating profits rose 42% to €2.5 million for the same period, with revenue higher than forecast, at €88.5 million compared to €75.6 million the previous year.
At the end of the financial year, the airline’s cash balance stood at €6.9 million – an increase of over 200% from the previous year.
VLM, which runs an extensive network from London City Airport, carried 625,300 passengers in 2005 on its scheduled and charter services, an increase of 12% year-on-year.
On-time performance improved, with 91.7% of flights arriving and departing on time in 2005, compared to 89% in 2004.
VLM started routes from London City to Amsterdam and the Isle of Man last year and increased frequencies to Rotterdam and Manchester. The Amsterdam weekday frequency has now doubled to six return flights.
Chairman Jaap Rosen Jacobson said: “These are positive results, but we are eager to achieve more. We plan to deliver more frequencies, more routes, more service and more innovation. This year, we will continue to invest in the wide range of products and services for our passengers.”
He added: “This success has been inspired by our company’s clear strategic view and strong service culture, which is implemented by our skilled staff and management across all aspects of our business. This has translated into our strategy of focussing on the needs of our passengers, and putting our core competences into practice.”
Report by Phil Davies
Phil Davies
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