Alliance’s profit jumps nearly 300% in massive HY24

Alliance has announced its results for the half year end 31 December 2023 (HY24) with a statutory profit before tax (PBT) of $37.7 million, an increase of $28.2 million or 296 per cent (HY23: $9.5 million).

During the period the Group experienced record flight hours, two additions to the operational fleet and record financial results for the first half of a financial year.

Revenue from operations increased by 27.2 per cent to $299.4 million (HY23: $235.3 million) with significant growth in contracted wet lease revenue.

Alliance’s managing director, Scott McMillan, said: “The performance of Alliance in the first half of the financial year continues to highlight the strength of our business, which has grown in both activity and financial results. Contracted wet lease operations continue to increase month to month and have pleasingly more than doubled in the past year.

“Contract charter provides the foundation for fleet expansion activities, with increased activity in the half year. Our market leading on time performance coupled with our ability to react quickly to capacity demands is our competitive advantage. It is why we remain the preeminent FIFO and wet lease operator in Australia.

“Our strategy to acquire additional fleet units in advance of immediate operational requirements has proven to be successful. We know that there is incredible demand in Australia for ~100 seat jet aircraft. It is the perfect size aircraft for FIFO, regional and sub trunk flying. With our fleet build strategy, we are perfectly positioned to capture this demand.

“By remaining incredibly focused on operating safe and on-time jet services, we will continue to retain contracts for which we have a proven track record. Extending three different BHP group contracts in the half year for between five and seven years was an outstanding result.”

Going forward, Alliance looks to increase its wet lease and FIFO demand, see the delivery of seven E190 aircraft in the second half of the financial year and focus on cost control and capability to ensure that the group’s profitability margins are maintained in a high inflation economy.

(Featured Image: Alliance Airlines aircraft)

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