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Alliance Airlines has hailed what it says are record results for the 2023–24 financial year.
The charter and FIFO operator saw new highs for revenue, pre-tax profit and flight hours in FY23–24, with its wet leasing services for Qantas and Virgin Australia seeing significant growth.
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Statutory profit before tax was up 65 per cent to $86.3 million, with operational revenue up 25 per cent to $637.2 million. Total flight hours increased from 75,195 in 2022–23 to 104,545 in 2023–24, with 97 per cent of these under long-term contracts.
Wet leasing was a particular bright spot for Alliance, with flight hours growing by 28,004. The airline saw record wet leasing revenues of $265.7 million, up 62 per cent on FY22–23, with 26 of Qantas’ 30 E190 options called up; Alliance expects the remaining four to be utilised in the first half of this financial year.
“FY24 is the first full year that we have seen the benefits of the significant fleet expansion program that commenced in June 2020. Flying over 100,000 hours in the year is a testament to the hard work of all our staff and they should be very proud of this achievement,” said Alliance managing director Scott McMillan, who said FY23–24 was “Alliance’s best year both operationally and financially”.
“Contracted wet lease operations were again the major contributor to increased flight hours, whilst contract charter also recorded increased hours over the year.
“Pleasingly, our continued focus on safe, on time and reliable jet services resulted in Alliance renewing seven major FIFO contracts in FY24. The outcomes achieved in FY24 again confirms Alliance as the leading FIFO and wet lease operator in Australia.”
Alliance’s E190 fleet expansion program continued over the course of the year, with the carrier settling on four more Azorra aircraft and 10 former JetBlue planes from Dublin-based lessor AerCap Ireland Limited. Alliance expects to settle on 12 deliveries this financial year, and eight in FY25–26.
“With the fleet continuing to grow as additional Embraer E190s enter service, along with the Rockhampton maintenance facility commencing base maintenance in October 2024, and the move into additional hangar premises in Brisbane, Alliance has never been in a better position to capitalise on further growth opportunities,” McMillan said.
“Our contracted flying model has proven to be a robust business model and one that differentiates us from other players in the aviation industry.”
The airline in April had announced that delivery delays would result in five fewer E190s from AerCap than expected for the financial year.
