Tour operator Ving's airline Sunclass Airlines, owned by Petter Stordalen and Harald Mix, among others, has reported another year of losses. To ensure continued operations, the major owners need to inject new capital, writes The Stock Exchange.
In the fall of 2019, just a few months before the corona pandemic that is still affecting travel broke out, Petter Stordalen, together with Harald Mix's venture capital company Altor, took control of the charter company Ving after its parent company Thomas Cook went bankrupt.
The airline business was placed in Sunclass Airlines, where losses have piled up. Last year was no exception, according to the annual report published by the Danish Companies Registration Office on Wednesday.
During the most recent financial year, which covers October 2022 through September 2023, the loss amounted to 118 million Danish kronor, equivalent to 182 million Swedish kronor. The loss is primarily due to a weak result during the first nine months of the year, according to the company.
At the same time, revenue rose sharply to the equivalent of 6 billion Swedish kronor. This is an increase of 42 percent from the previous year.
Since its inception in 2019, the company has made a total loss of 1.2 billion Swedish kronor, which means that equity is now negative by almost 900 million kronor.
In the annual report, it can be read that the shareholders will contribute a necessary capital injection to ensure continued operations, writes the business newspaper. The Stock Exchange. After that, management believes in ”continued positive development” and a ”positive operating profit” in 2023/24.
Sunclass Airlines is part of the Nordic Leisure Travel Group, where Petter Stordalen's companies Strawberry Group and Altor each own 39.5 percent of the shares. The remaining 19.5 percent is owned by the British venture capital firm TDR Capital, while the company's management controls a smaller share. The group also includes the tour operators Ving, Globetrotter, Spies and Tjäreborg, as well as the hotel company Resorts & Hotels.
In 2023, Nordic Leisure Travel Group had a total turnover of SEK 15.8 billion, according to Altor's website.
Source: DI.SE
