Preliminary May results of Novaturas: strategically thought-out programme, responsiveness to customer needs

Novaturas Group, the leader in the Baltic tourism market, recorded revenues of EUR 21.5 million in May, compared to around EUR 22 million at the same time last year. The company served approx. 30 000 customers, and May is the most active month of this year. Compared to May 2022, the number of travellers is around 14% lower, which is attributed to the implementation of a strategically thought-out, non-redundant programme this year and to the bookings of another tour operator (Kidy Tour) taken over at a similar time last year, which led to a sharp increase in customers in the corresponding period last year. 

From January to May, the records show a total of EUR 78 million revenues, which is 16% more than during the same period in 2022, and 94 000 customers, which is a relatively stable and similar figure compared to last year. 

"Our consistent programme for the year allows us to meet customer needs without creating an oversupply. In this way, we continue to secure our leadership position in the region, even as the competitive environment expands. Our advantage is the diversification of our destinations, with a strong position not only in the most popular destinations, while our competitors tend to focus on Turkey. In addition, other players of the tourism market have already adjusted their programmes in recent months, and new entrants to the market are cancelling up to 20% of their planned summer flights, according to publicly available sources.

We have now sold more than 60% of this year’s programme, and summer is a period of lower activity in terms of sales, since a large share of travellers plan and buy their holidays in advance, which is a normal market dynamic. Our strategy is based on a balanced implementation of the programme throughout the year,” says Vitalij Rakovski, CEO of Novaturas Group. 

In response to customer expectations, the company has consolidated some of its flights to Turkey in the Latvian market with the addition of new carriers, thus ensuring more convenient travel times, greater comfort and an even better customer experience. From now on, FreeBird Airlines and Turkish Airlines will also carry passengers from Riga to Antalya.

Changes in the team: Head of Sustainability and the new Board

In May, the company presented its results for the first quarter of the year. The Group’s financial forecast announced at the beginning of the year has been revised upwards, based on stable growth and successful first three months, with an EBITDA of EUR 4–6 million (instead of EUR 3–5 million) and a net profit of EUR 2–4 million (instead of EUR 1–3 million).

Novaturas Group announced changes to its Board of Directors. Three members have been elected for a new term of office: Tomas Korganas and Gediminas Almantas, who will join the Board, and Ugnius Radvila, who will continue to work in the Board. The first meeting of the new Board will also elect its Chairman.

In addition, Head of Sustainability Audrone Alijošiute-Paulauskiene has joined the company’s team, having previously headed the Lithuanian Responsible Business Association (LAVA) and accumulated over 20 years of experience in sustainable development and over 10 years of experience in advising companies on sustainable business issues. Audrone is also an independent expert of the National Coordination Centre for the OECD Guidelines for Multinational Enterprises. The position of Head of Sustainability is a new one in the company’s organisational structure, aiming to achieve targeted sustainability related results.

It should be noted that Novaturas Group presented a new operational strategy for 2023– 2025 in spring, with sustainable travel as one of its focus areas. As part of its environmental objectives, the company will aim to reduce CO2 emissions of its operations and expand partnerships with airlines that use modern, fuel-efficient aircraft. In addition to more environmentally friendly flights, the company will also make hotels that adhere to sustainability standards more clearly visible to travellers and focus on educating travellers about more sustainable travel.

About the company

Novaturas Group is the largest tour operator in the Baltic States, offering summer and winter package holidays by plane to more than 30 destinations worldwide and more than 100 tours.

Vygantas Reifonas 
CFO of AB Novaturas
 +370 687 21603