PLAY has expanded its fleet to include 10 aircraft from the Airbus as load factor increases..

PLAY airlines offers affordable travel options between North America and Europe. Since its inaugural flight in 2021, PLAY has expanded its fleet to include 10 aircraft from the Airbus A320 family and with an average aircraft age of just over 2 years, PLAY is a real value-for-money option. 

Strategically based in Iceland, PLAY leverages its location in the middle of the Atlantic Ocean to efficiently connect passengers travelling between North America and Europe, enabling the airline to maintain low operational costs and pass on savings to customers. 

Passengers flying with PLAY can add a complimentary stopover in Iceland for up to 10 days, allowing them to explore the country's natural wonders and vibrant capital, Reykjavik, without additional charges. 

For those looking to extend their layover into a multi-day stopover, PLAY offers this option at no extra cost, allowing travellers to immerse themselves in Iceland's unique landscapes, breathtaking northern lights and world-famous culture before continuing their journey across the Atlantic. 

PLAY serves key destinations in North America, including Baltimore, Boston, New York, and Washington DC in the United States, as well as Toronto in Canada. In Iceland, visitors can experience breathtaking sights such as waterfalls, glaciers, geysers, and diverse wildlife within easy reach of the comfort of Reykjavik. 

Since its inception, PLAY has operated a fleet of 10 Airbus A320/321neo aircraft, boasting an average age of just over 2 years, ensuring passengers enjoy a comfortable, safe, and reliable journey. With an impressive 83% on-time performance in 2023, PLAY has established itself as a dependable choice for travellers. 

Recognized for excellence, PLAY's cabin crew was voted the best by USA Today readers and the airline itself was named the best low-cost airline in Northern Europe, reflecting its commitment to providing exceptional service and value to passengers. 

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Latest Results 

• PLAY airlines revenues increased by 66% between years, from USD 33 million in Q1 in 2023 to USD 54 million in Q1 2024 despite capacity increase of 63%
• PLAY’s cash position was USD 17.1 million at the end of Q1. PLAY has since received USD 32 million following a share capital increase and will go into the summer season with a healthy cash position. Uplisting to Nasdaq Iceland Main Market is in process as planned.
• PLAY carried 349 thousand passengers in Q1 2024, which is a 64% increase from Q1 2023. 
• The load factor increased at the same time, from 78.4% in Q1 2023 to 81.8% in Q1 2024.
• Q1 was operationally successful with an on-time performance of 87.8%, which is a considerably better performance than with the airline’s main competitor.
• Earnings before interest and taxes (EBIT) in Q1 were negative USD 20.4 million. EBIT was negatively impacted by inaccurate news coverage of seismic activities in the Reykjanes Peninsula.
• Total revenue per available seat kilometer (TRASK) was 4.2 US cents, same as during Q1 2023.
• Cost per available seat kilometer (CASK) was 5.9 US cents in Q1 2024, which is 8% less than in Q1 2023 mainly due to favorable trends in ETS prices impacting fuel expenses positively. 
• CASK ex-fuel is down 4.2% YoY and was 4.3 US cents.
• Yield was USD 151 driven by strong ancillary revenue per passenger of USD 50.

Einar Örn Ólafsson, CEO, said:  "The Q1 2024 results were in line with our expectations. The results were heavily impacted by a drop in demand following the inaccurate global news coverage on seismic activity in the Reykjanes Peninsula in Q4 2023. We had reported that this would negatively affect our outcome and now the results are in. 
Despite this, we saw positive signs in our operations and sales. Demand started picking up drastically in January 2024 and we had record sales days in Q1 which have resulted in a healthy forward booking status. Our total revenues increased 66% between years, from USD 33 million in Q1 2023 to USD 54 million in Q1 2024. This is a true sign of how our airline is becoming more known and gaining market share. 
The motto at PLAY airlines is to keep costs low so we can continue to offer competitive airfares. In Q1 we saw our CASK decreasing 8% compared to Q1 2023 and the CASK ex-fuel also trended in the right direction for us. Our team remains focused on keeping our business lean.
Operationally Q1 can be very challenging in Iceland due to weather conditions. Still, we saw an exceptional on-time performance of 87.8%, which is above our target of 85% on-time performance for the full year. This is something to be proud of and I am grateful for the tremendous job my colleagues at PLAY have done to deliver these results. 
In Q1, PLAY received subscription commitments from existing shareholders and other investors which amounted to USD 32 million. PLAY is therefore in a strong financial position to achieve its goals. 
The truly vital summer season is ahead of us, and I am looking forward to working with my colleagues at PLAY to deliver exceptional service to our passengers. "







PLAY airlines carried 349 thousand passengers in Q1 2024, compared to 212 thousand in Q1 2023, which is a 64% increase between years. This increase is notable because PLAY´s load factor increased significantly between years, from 78.4% in Q1 2023 to 81.8% in Q1 2024. 
Of all the passengers flying with PLAY in Q1 2024, 27% were traveling from Iceland, 36% were going to Iceland and 37% were connecting passengers (VIA). 
Q1 was operationally successful. PLAY had an 87.8% on-time performance in the quarter, which is beyond the airline’s full-year target of 85%. 
PLAY launched ticket sales to five new destinations in its route network in Q1. PLAY will be starting scheduled flights to Madeira, Marrakech, Vilnius and Split in 2024 and will do a six-week schedule to Cardiff in the fall. Additionally, PLAY will operate one flight to the winter wonderland of Rovaniemi in Finland in December. 

Sigurður Örn named as Chief of Business Development of PLAY

Sigurður Örn has joined PLAY airlines as Chief of Business Development. This is a new position within the company where Sigurður will oversee the expansion of PLAY's business ventures across all departments.

 

Sigurður Örn holds an MBA degree from the Katz Graduate School of Business at the University of Pittsburgh and has an extensive background in aviation. Sigurður previously served as CEO and chairman of Bluebird Nordic and was board member of Avion Express. He also played a key role in negotiating major acquisitions for Avia Solutions Group (AGS), including Avion Express, SmartLynx, and Bluebird Nordic.  

 

Expressing his enthusiasm for the new role, Sigurður Örn remarked, "It is very exciting to be joining PLAY at this pivotal moment. The company's remarkable growth, evidenced by its doubling of revenue last year while maintaining a competitive cost structure, positions PLAY for even greater success in the future. I am eager to contribute to this journey." 

 

PLAY's CEO, Einar Örn Ólafsson, also expressed excitement about Sigurður Örn's addition to the team, citing his wealth of experience and knowledge of the aviation industry as valuable assets.  

“We are excited to have Sigurður Örn joining our team. He brings valuable experience and knowledge of the aviation industry, which will be useful to the company. We have ambitious plans, and Sigurður Örn's expertise will undoubtedly bolster our efforts," says Einar Örn Ólafsson.

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Fly Play sees a 65% increase in passenger numbers.

PLAY Airlines carried 142,918 passengers in March, which is a 65% increase from March last year when PLAY carried 86,661 passengers. PLAY´s load factor in March 2024 was 88.1% compared to 80.6% in March last year. The load factor in March 2024 is the highest load factor PLAY has had in a winter month.

Of the passengers flying with PLAY in March 2024, 25.6% were travelling from Iceland, 36% were flying to Iceland and 38.4% were connecting passengers (VIA). The ratio of passengers flying to Iceland shows that the demand for Iceland is picking up again after a slump followed by inaccurate global news coverage about the seismic activity in Iceland last year.

PLAY had an on-time performance of 94% in March, which is among the best on-time performances in the airline industry.

The demand for PLAY´s leisure destinations has been strong. Alicante, Lisbon, Madrid, Barcelona and Tenerife all had around 90% load factor. Our city destinations in Europe also saw a strong demand. London, Berlin, Paris, and Copenhagen had over 90% load factor, and Dublin and Amsterdam had nearly 90%.

Two new destinations

PLAY announced two new destinations in March, Madeira Island and Marrakech. PLAY will have its first flight to Marrakech on October 17 and will operate up to two weekly flights on Thursdays and Sundays. This will be the first time scheduled flights are operated between Iceland and Africa, but the flight time between Iceland and Marrakech is just over five hours.

The first flight to Madeira will be on October 15 and PLAY will operate weekly flights on Tuesdays.

Einar Örn Ólafsson, PLAY´s CEO:  "We had acceptable load figures in March with the early Easter period more than balancing out the negative impact of the seismic activities towards the end of 2023. The high summer season is ahead of us, and we look forward to breaking more records in PLAY’s history. The number of passengers travelling with us to Iceland and connecting passengers shows the tremendous work that has been done to increase our awareness in our foreign markets where we strive to offer competitive prices. I am extremely proud of our team, and our on-time performance in March shows the level of professionalism that my colleagues possess".

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Icelandic budget airline PLAY picks new CEO

In an unexpected move, the Icelandic budget airline PLAY has picked a new CEO in the shape of its biggest shareholder and Chairman Einar Örn Ólafsson.  He is also chairman of the board at Terra hf. Einar was previously the general manager of Fjarðlax, CEO of Skeljungur and before that held various management positions in banking.

Birgir Jónsson, who will continue to work at PLAY until 2nd April said:  "Being involved in building up PLAY airlines has been a real adventure. In a relatively short period of time, we have created a powerful Icelandic low-cost airline with outstanding products, services and a bright future. A competitive landscape in the aviation industry will result in lower fares, a diverse selection of destinations and valuable foreign tourists, which is especially important for an island like us."

Adding: "I’d like to thank our passengers and partners for this particularly enjoyable period. I will say goodbye to my incredible colleagues in person in the next few days."

Einar Örn said: "I am really looking forward to this new role. After a great ramp-up phase these past few years under Birgir’s strong leadership, the Company is now at a turning point. As the Company’s largest shareholder, I’d like to see my investment through."

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PLAY carried 1.5 million passengers during 2023

Birgir Jonsson, the CEO of the Icelandic budget airline, PLAY has released the following statement following the release of the carrier's 2023 performance:

PLAY carried 1.5 million passengers in the full year of 2023 

“2023 was in many ways a very good year for PLAY and once again showed the resilience and flexibility of the business model and our fantastic team of Players. We delivered strong financial results after the all-important summer season and third quarter, delivering the first-ever bottom-line profit even though we were in the middle of a very steep growth curve, having added hundreds of employees, thirteen new destinations, and four new aircraft.

At the end of summer, the year was looking to deliver very acceptable financial results, but, as is sometimes the case in aviation, external factors had a negative impact on the business, and the year closed somewhat below what we had anticipated. This challenging external business environment began to materialize in late summer with various geopolitical and economic variables, such as a spike in oil prices, inflationary pressures on cost, and a crisis in the Middle East. Locally, in the fourth quarter, we saw seismic activity and two volcanic eruptions, resulting in very inaccurate global news coverage that affected demand for Iceland as a tourist destination in the short term. We were also hit with significant disruptions and costs in relation to the industrial action taken by the air traffic controllers in Iceland in the week before Christmas. After all this it is great that we have seen some of our best ever sales weeks since the beginning of the year and looking ahead, we see a stronger booking status and higher unit revenue than last year, giving us every reason to be optimistic for the summer and the year as a whole. 

PLAY operated ten aircraft at the end of 2023 compared to six aircraft at the end of 2022. 

As we are selling our fourth summer, we see clear signs that our business model is working as it should. Last year, we saw our revenue double and ancillary revenue grow considerably following investment in our digital sales platform. This growth in ancillary revenue will continue as we keep on launching new features and functionalities, such as our new Stopover program launched last month.

Most importantly, we have successfully kept our cost base low and very competitive, allowing us to offer lower fares than our competitors and quickly win market share in our key markets. While most of our competitors are reporting a significant increase in unit costs, we are proud to report a decrease of 6% in our ex-fuel CASK, and the PLAY management team is determined to continue to keep costs under control as this is critical to our continued success.

As a young airline in a steep growth trajectory, we are still operating at a loss after the full year, but as we see our revenues growing and our cost base remaining stable, our losses are rapidly decreasing. This sets a very positive trend towards our future profitability.

Looking into the future, we have identified clear and exciting opportunities for growth, and our team is hard at work to make sure that we find ways to continue to grow successfully. We are also looking at various ways to develop our fleet, as it is critical to find the right aircraft and fleet composition to suit our highly seasonal and ever-changing markets.

2024 will be the first year that PLAY will not add new aircraft to the operation and in a stable environment there would not be a need for additional capital for 2024. Recent events have however shown that the situation of airlines can change quickly, and it is the company’s opinion that the liquidity position needs to be strengthened. Therefore, the company along with its financial advisors has started preparations to uplist its shares from the First North Market to the Nasdaq Main Market in Iceland which is expected to take place in the first half of 2024. We believe that this uplisting will increase the company’s access to capital and broaden the group of shareholders.

Overall, we are proud of our achievements and performance in the year, even though I would have wanted to see less turbulence in the last months of the year and a better financial performance overall. I am, however, absolutely sure that we are on the right trajectory, and I look forward to seeing my great team of colleagues continue to build PLAY into a great airline in the coming year.”  

1.5 million passengers and world class on-time performance

PLAY Passenger numbers grew by 61% in January

The Icelandic budget carrier, PLAY Airlines carried 99,704 passengers in January 2024, the company confirmed this week. That is up 61% increase from January 2023 when PLAY carried 61,798 passengers. The load factor in January 2024 was 75% compared to 77% in January 2023. 

The airline has reported the demand for flights to Iceland had been affected negatively in the short term by global news coverage of the seismic activity in the Reykjanes Peninsula in November 2023, some of which the carrier claims was inaccurate. Forward bookings are looking good and thus PLAY believes the load factor will increase soon.  Ancillary Yield is also growing, with January experiencing a notable 21% increase year on year.

Of all passengers travelling with PLAY in January 2024, 27.1% were travelling from Iceland, 31.1% were travelling to Iceland and 41.8% were connecting passengers. PLAY’s on-time performance in January was 78.1%, negatively impacted by adverse weather conditions in Iceland.

New destination, the launch of Stopover and Europe’s youngest fleet

In January, PLAY announced flights to Split in Croatia. PLAY’s first flight to Split will be on May 28 and flights will be operated once a week until October. This will be the first time that scheduled flights are operated between Iceland and Split and this is also PLAY’s first destination in Croatia. PLAY’s route network will include around 40 destinations in 2024. 

In late January, it was announced that passengers can now book themselves an up to 10-day Stopover in Iceland with no additional cost. PLAY already offers competitive prices in all its markets and this new feature gives passengers even more reason to choose PLAY. This makes the airline more competitive and will further exploit PLAY’s strategic connecting flights between North America and Europe with Iceland as a hub in the middle.

To compete more fully with Icelandair, PLAY's new stopovers will take advantage of the airline’s hub-and-spoke model, with all flights connecting through Iceland. PLAY’s stopovers will enable passengers to stay up to 10 days in Iceland to experience the island’s incredible natural wonders including waterfalls, geysers, hot springs, glaciers and Northern lights. 

“PLAY has taken advantage of Iceland’s location near Europe to bring travellers convenient flights and affordable fares, and now the stopover feature brings even more benefits to our passengers. Rather than having a few hours' layover in Iceland, travellers can make a stop at this bucket-list destination for an extra day or week to experience everything our home country has to offer. Long stayovers are a win-win for both us and our passengers to enable exploration at a low price,” said PLAY CEO Birgir Jónsson.

PLAY Announces 15% Off Flights to Europe For Brave Browser Bookings

PLAY, a low-cost Icelandic airline operating flights between North America and Europe, announced a flash deal of 15% off flights, available exclusively through the Brave Browser by using the promo code BRAVE when booking. Travellers who are “brave” enough to take advantage of this deal need to act fast and book their flights to Iceland, London, Copenhagen, Amsterdam, Paris, Berlin, Dublin, Stockholm, Frankfurt, Hamburg, and Brussels by January 24.

The beginning of the year is a classic time for travellers to dream about where 2024 will take them. Travelers who act fast can turn their talk into action, and view 2024 from the London Eye, or from the Canals of Amsterdam! PLAY’s deal is valid on flights booked from January through May or September through December. This means travellers can select the best time for their travel, whether they prefer the lighter crowds of shoulder season or planning out a trip for December 2024. No matter the dream destination, PLAY's convenient daily flights from Boston, New York, and Washington D.C. paired with the 15% off deal to 11 destinations can take travellers where they want to go.

PLAY brings a no-frills approach to travellers looking to strategically select where they spend their budget, so they have extra funds to spend on things that make a trip memorable, like the delicious cuisines of Paris, an Irish knit scarf from Dublin, or a spa day in Iceland. By offering a relaxed, simple, and streamlined approach to service with reliable flights and a helpful cabin crew, travellers will enjoy a comfortable flight experience for a fraction of the price.

“Data shows that travellers sought new and unusual reasons to travel in 2023 - such as romantic getaways and special events, with international travel expected to continue to rise. We’re predicting an increase in experiential travel in 2024, and believe these demands provide a great opportunity for low-cost airlines like PLAY to accommodate trips for any budget. This deal is the perfect excuse for travellers to stop speaking hypothetically about the trip, be spontaneous, and book it!” said PLAY CEO Birgir Jónsson.

1.5 million passengers in 2023 for PLAY

PLAY Airlines carried 114,265 passengers in December 2023, which is a 53% increase from December 2022 when PLAY carried 74,620 passengers. PLAY had a load factor of 76.2% in December 2023 and of all passengers travelling with PLAY, 24.5% were flying from Iceland, 28% were flying to Iceland and 47.6% were VIA passengers.

Air-traffic controllers in Iceland had a series of strikes in the month of December which affected PLAY´s on-time performance. The on-time performance in December was 59% but PLAY´s on-time performance for the year of 2023 was 83%.

This on-time performance percentage means that out of 9,600 flights for the whole year of 2023, over 8,000 flights were on time, and the average delay on these flights was 5.4 minutes.

When corrected for the air traffic controllers strike, the on-time performance for the year of 2023 would have been around 86%.

Ancillary revenue rising and forward bookings looking strong

PLAY carried 1.5 million passengers in 2023 and had a load factor of 83.4%. Of passengers flying with PLAY in 2023, 26.7% were flying from Iceland, 32.3% were flying to Iceland and 41% were VIA passengers.

Average ancillary revenue per passenger continues to increase. It was 29% higher in December 2023 compared to December 2022.

Despite reporting that the seismic activity in the Reykjanes peninsula would have a negative effect on the load factor of December 2023 and January and February 2024, the demand has had a robust pick up in the past few weeks and sales from the beginning of January 2024 have been very promising for the spring and summer of 2024.

PLAY reports that 75% load factor, 42% increase in passenger numbers and demand picking up

PLAY Airlines carried 107,236 passengers in November, which is a 42% increase from November 2022 when PLAY carried 75,396 passengers. The load factor in November 2023 was 74.5%, down from 79% last year. This decline in load factor is a direct result of the seismic activity in the Reykjanes Peninsula and resulting global news coverage of a possible volcanic eruption that could disrupt aviation. This situation impacted last-minute bookings in the month. PLAY had an on-time performance of 88.9% in November 2023.

Despite the decline in load factor in November we continued to see year-on-year growth in our unit revenue (RASK), even with a 54% growth in available seat kilometres (ASK).Average ancillary revenue continues to rise for PLAY, being 30% higher in November 2023 compared to November 2022, and the trend is looking strong for the coming months. Of all passengers flying with PLAY in November 2023, 26.2% were departing from Iceland, 32.7% were traveling to Iceland, and 41.2% were connecting passengers (VIA).

PLAY has carried 1.4 million passengers year to date with an average load factor of 84%. Of all passengers flying with PLAY so far in 2023, 26.9% were departing from Iceland, 32.6% were flying to Iceland and 40.5% were connecting passengers (VIA).

PLAY puts on seasonal sale....

PLAY, the low-cost Icelandic airline has done something to make passengers cheer just in time for Christmas.  A new quick seasonal sale from now until 8 December will see the career offer fares as low as $79.

Passengers can book roundtrip flights at incredibly low prices as an extravagant holiday gift or for a 2024 getaway to Iceland, Dublin, London, Amsterdam, and Paris. 

It’s too early to spot Santa in the skies, but PLAY’s striking red aircraft are bringing the holiday spirit to travellers early this year. This flash deal is a tempting treat for booking a last-minute trip in December, where families and friends can explore Christmas markets and early snowfall in Europe, or spend the holidays abroad. It’s the perfect time to start planning a getaway for 2024, or for gifting an amazing European experience to a loved one even on a modest budget. PLAY’s already low prices and no-frills service are available year-round, enabling travellers to “pay less, PLAY more” at more than 30 European destinations from Boston, New York, and Washington D.C. Travellers enjoy a comfortable ride with PLAY’s helpers, named America’s favourite flight crew this year!

PLAY warns seismic activity is impacting short-term demand.

Icelandic budget carrier, PLAY warns that the recent seismic activity and the possibility of a volcanic eruption in the Reykjanes peninsula of Iceland over the past weeks have made headlines worldwide. No disruption has occurred to PLAY’s operation, and Iceland continues to be a safe destination for tourists. 

PLAY has, however, experienced a reduced demand due to this and especially notes that the demand for seasonal short-term bookings to Iceland has been, and will be, considerably lower in the coming period, which will impact the financial performance of the airline.  

Due to this, and the ongoing seismic situation and uncertainty, the financial year-end guidance communicated to the market in September and again in our quarter three results in October no longer applies. 

The cash position at year-end will be slightly lower than communicated but is still considered secure. PLAY is taking various actions to ensure that there is minimal effect on operational results and liquidity position, such as modifying the route network and adjusting capacity to this softer demand in the coming weeks and months. 

 

Birgir Jonsson, CEO said: “We will use the flexibility in our business model and our proven resilience to meet these new challenges, and the PLAY team is already hard at work doing just that. Over the last two weeks, we have seen some very extensive news coverage globally which has sometimes been slightly misleading and sensationalist and taken out of context, does not encourage tourists to come to Iceland, for example, on short breaks before Christmas and in the new year. In recent days, we have, however, seen the demand returning to the market, which is very positive and reassuring for the coming months but a little too late for the travel season in the coming few weeks. 

The people of the town of Grindavík have been evacuated from their homes and face many uncertainties in the run-up to Christmas. Our thoughts are with them, and I sincerely hope that this situation will be resolved quickly and that they can return home to resume their normal lives.”   

On its website, the carrier advises  Recent events in the Reykjanes peninsula in Iceland with increased seismic activity do not affect Keflavik Airport or PLAY’s flight schedule.

A state of emergency was declared in the town of Grindavík on the south coast of the Reykjanes peninsula and the town has been evacuated. The increased seismic activity may lead to an eruption which could flow peacefully in an uninhabited area as previous eruptions in the area have done, or within the town of Grindavík causing damage to infrastructure and the surrounding area. As a precaution, the town has been evacuated. An underwater eruption off the coast of Grindavik is considered unlikely. Such an eruption may produce an ash cloud. In such an event, Keflavik Airport will shut down during an assessment period of the airspace and incoming flights directed to alternate airports during the closure. 

"Safety is our top priority and the situation is being monitored closely by the relevant authorities. "

Budget airline PLAY records 85% load Factor with 164,000 passengers travelling with the carrier in September.

85% Load Factor, 164,000 passengers & PLAY Cabin Crew wins USA Today Readers´ Choice Award

PLAY carried 163,784 passengers in September, which is a 77% increase from September 2022 when PLAY carried 92,181 passengers. The load factor in September 2023 was 85%, compared to 81.5% load factor in September 2022. PLAY had an on-time performance of 85.1%. in September 2023.

Of all passengers flying with PLAY in September 2023, 22.9% were departing from Iceland, 31.6% were travelling to Iceland, and 45.5% were connecting passengers (VIA).

Delivering such a good load factor in the month of September, which is historically a slow month in travel, is notable because PLAY increased its capacity considerably by adding four new aircraft to its fleet this spring.

Average ancillary revenue continues to rise for PLAY, being 23% higher in September 2023 compared to September 2022, and the trend is looking robust for the coming months.

PLAY Wins USA Today 10Best Readers’ Choice Award

PLAY´s flight attendants have been recognized as the best cabin crew by USA Today. PLAY was nominated by USA Today and readers and fans voted for the top 10 airlines. PLAY was selected as the #1 cabin crew after four weeks of voting.  PLAY´s cabin crew is known for a friendly, accommodating and helpful service during PLAY´s flights and this award is a true testament to their outstanding work. Among the airlines that were nominated were Virgin Atlantic, Fiji Awards, Southwest Airlines, Delta Airlines, Korean Air, British Airways, Emirates, Singapore Airlines and Cathay Pacific.

PLAY Delivers a USD 12 million profit in Summer 2023

PLAY  Airlines turned a USD 12 million profit over the summer months of 2023. It is the first time the company has reported profit from operations after tax at the end of the summer season. It shows that PLAY was a profitable company for the summer and that its business model is working well.

PLAY expects to carry around 1.5 million passengers in 2023 and forecasts carrying 1.8 million passengers in 2024. PLAY has secured two additional aircraft for the year 2025, which will expand its fleet to 12 A320neo family aircraft from Airbus and is looking into further capacity increases.

Birgir Jonsson CEO said:  “It´s great to see such a strong load factor for the month of September, which is historically a slow month in the aviation industry. We continue to perform well in our key markets after seeing solid financial results over the summer months of 2023 with revenue nearly doubling from last year and the airline delivering a net profit of $12 million in the same period.

For our cabin crew to win the USA Today 10Best Readers´ Choice Award is a massive achievement that makes us all very proud of our fantastic crew. It has only been just over two years since our inaugural flight and just over one year since our first flight to the USA. We know that our cabin crew is dedicated, prioritizes safety and customer satisfaction, and makes the on-board experience fun, and the recognition from USA Today 10Best is therefore well-deserved! We’re thankful for their hard work that makes PLAY stand out around the world.

We are looking forward to the coming winter season and I know that the whole PLAY team will keep up the good work and continue delivering good results for the company and an enjoyable experience for our passengers.”

PLAY delivers a USD 12 million profit in summer 2023

PLAY Airlines turned a USD 12 million profit over the summer months of 2023.  This was revealed at the company's market update meeting during the week, where key operating figures were reviewed. It is the first time the company has reported profit from operations after tax at the end of the summer season.  It shows that PLAY is a profitable company for the summer and that its business model is working well.

The profit for the summer months of 2023, June to August, was USD 12 million compared to a USD 3 million loss in the same period last year. The turnaround therefore amounts to about USD 15 million from loss to profit. 

Revenue nearly doubled

Revenue in the summer months of 2023 was nearly double that of the same period in 2022. The company's revenue rose from USD 63 million in 2022 to USD 116 million in the summer of 2023. Despite a 70% increase in seat capacity, the company managed to increase unit revenue per seat kilometre (RASK) over the summer, a sign of how strong of a position the company has achieved in its key markets in a short period of time. PLAY had an 89% load factor in the summer of 2023, which is a much higher load factor compared to the company's main competitors.

PLAY transported 537,000 passengers this summer and had a punctuality rate of 83.9%, which shows that operations were successful even though the company's activity has grown considerably during the period. The company took in four new aircraft and added 13 destinations for the summer.

Profit in Q3

Management's estimate of the third quarter result shows that operating profit will be approximately USD 10 million compared to USD 1.3 million in the third quarter of 2022. The turnaround therefore amounts to at least USD 8.7 million between years. This estimate is based on management accounts for the first two months of the third quarter and forecasts for September results.2 Accordingly, PLAY expects to turn a profit of ca. USD 4 million in the third quarter.

PLAY estimates cash will be approximately USD 39 million by the end of the third quarter. The financial position of the company is therefore strong and the company does not need additional funds for its operations. PLAY estimates that cash balance at year-end will be around USD 28 million, and cash flow from the company´s operations is therefore neutral, after taking into account investments in the expansion of the company's fleet.

USD 34 million turnaround

PLAY expects to carry around 1.5 million passengers in 2023 and operating loss for the year will be around USD 10 million. In this context, it can be noted that the company posted an operating loss of USD 44 million in 2022, resulting in a turnaround of around USD 34 million. Furthermore, the company expects revenue of approximately USD 280 million this year. The cost per seat kilometer excluding fuel (CASK Ex Fuel) is estimated at around USD 3.7 cents for the full fiscal year 2023.

PLAY carried 184,926 passengers in August, up 70% from August 2022

PLAY reports 89% Load Factor, 184,926 passengers and two new aircraft confirmed

PLAY carried 184,926 passengers in August, which is a 70% increase from August 2022 when PLAY carried 108,622 passengers. The load factor in August 2023 was 88.9%, compared to 86.9% load factor in August 2022, and PLAY had an on-time performance of 90.1%.  

Of all passengers flying with PLAY in August 2023, 22.1% were departing from Iceland, 35% were travelling to Iceland, and 42.9% were connecting passengers (VIA).

August saw strong performance in our network with many destinations delivering over 90% load factor and some, including Prague, Toronto and Barcelona, performing at over 95% load factor.

Average ancillary revenue continues to rise for PLAY, being 33% higher in August 2023 compared to August 2022, and the trend is looking robust for the coming months.

PLAY nominated as Best Cabin Crew

PLAY has been nominated for Best Cabin Crew by USA Today. This is a great honour for PLAY, only two years from its first-ever commercial flight in June 2021.  Among the nominees are major global airlines. This nomination is a testament to the great work the cabin crew does every day providing PLAY´s passengers with excellent service and a secure and enjoyable flight.

PLAY has also been nominated for the Danish Travel Awards as the best low-cost carrier. The Danish Travel Awards have been awarded since 1996 and PLAY is again nominated among many major and well-established low-cost airlines.

Fleet Expansion and Outlook

PLAY continues to see many opportunities to grow in the market and is working on expanding its fleet of aircraft in the coming years. The airline has already signed two Letters of Intent, securing two brand-new A320neos, which will enter service in time for the summer season of 2025. Further negotiations are ongoing for added capacity in 2024 and 2025 and will be reported on when they are concluded.

PLAY is in a strong position when entering the fall and winter with a considerably higher load factor and higher yields than in the previous year. The demand from key markets is quite robust, but the airline is cautious about the possible impact of inflation and the increased cost of living on the demand in the winter months. This means that the visibility into the fourth quarter and further into the winter is relatively low, as many other airlines worldwide are reporting. 

As PLAY has previously stated, the financial performance this year has largely been in line with management expectations and forecasts that have assumed a narrow but positive operating margin (EBIT) for the full year of 2023. 

Play reports its busiest month....

Busiest month ever for PLAY. Load Factor hits 91.1% with over 191 thousand passengers flown. 

PLAY carried 191,577 passengers in July, which is a new record in the airline ‘s history. The number of passengers in July is 19% higher compared to June when PLAY carried 160,979 passengers, which was also a record month for the airline. PLAY not only broke its record for number of passengers in July but also the record for load factor which was 91.1% in July, making it the biggest month in the history of PLAY. The airline provided an on-time performance of 80.2% which is more than acceptable in the busiest month of the year in aviation.

Of all passengers flying with PLAY in July 2023, 26.8% were departing from Iceland, 32.1% were traveling to Iceland, and 41.1% were connecting passengers (VIA).

This record month of July saw strong demand in PLAY´s markets in North America with yields significantly higher than last year. PLAY´s North American destinations performed very well, with a load factor well over 90%. This strong demand from our North American markets is also evident for the  coming months. In our European markets, Copenhagen, London, Paris and the leisure destinations performed well in July with a load factor of over 90%. 

PLAY has been gaining higher market share in Iceland as both awareness and trust from the Icelandic public increases. In June 2023, 54% of all Icelanders who traveled from Iceland chose PLAY. This is a clear sign that PLAY is fast becoming the number 1 choice of the Icelandic public.

In July 2022, PLAY flew 109,937 passengers, which means July 2023 sees a 74% growth in passenger numbers from the same month last year. The July load factor also significantly improved from last year, from 87.9% in 2022 to 91.1% in 2023.

Since spring 2023, PLAY has added and/or relaunched 20 new destinations to its network.

New destination & PLAY nominated for the British Travel Awards

PLAY launched ticket sales to Frankfurt in Germany in July. PLAY´s first flight to Frankfurt will be on December 14, 2023, operating four to five flights a week over the winter period. Frankfurt will have direct connectivity to PLAY’s destinations in North America and is PLAY´s fourth destination in Germany along with Berlin, Düsseldorf and Hamburg.

PLAY is nominated as the best airline for low-cost flights at the British Travel Awards. The winners are based on the number of verified consumer votes cast. PLAY is nominated with well-established major airlines, which is a good recognition for a young airline that only celebrated its second anniversary last month.

Play takes solace in positive passenger numbers

The Icelandic budget carrier PLAY takes solace in its June performance as 160,979 people flew with the airline, a new high in its ever-so-short history. 

The airline claims its load factor for the month was 87.2% and rather impressively, 81.2% of its flights arrived on time. Of all those carried, 29.8% of passengers departing from Iceland, 25.8% were travelling to Iceland, and 44.4% were connecting passengers travelling via Iceland.

In the first six months of the year, a total of 604,670 people travelled with PLAY, an increase of 154% from the same period in 2022 when 238,053 passengers travelled with the airline. In the second quarter of 2023, 392,325 passengers travelled with them, an increase of 117% from the same period in 2022 when 181,202 passengers travelled on PLAY's planes.

PLAY began operating its fifth North American destination very late in June with the start of services to Hamilton Airport* in Toronto, Canada, on 22nd June. The airline said this new route is already experiencing very strong demand from both sides of the Atlantic. 

 

In June 2022, PLAY flew 87,932 passengers, which means June 2023 sees an 83% growth in passenger numbers from the same month last year. The June load factor also significantly improved since last year, from 79.2% in 2022 to 87.2% in 2023.

In June, and for the coming months, the demand from the USA is very strong with average yields significantly higher than last year. In June, the North American destinations performed very well, with a load factor of over 90%. The outlook for PLAY continues to be very positive, with continued high demand and increased revenue in key markets.

Youngest fleet in Europe and voted the best low-cost airline in Northern Europe.

PLAY welcomed its 10th aircraft in June. The aircraft is a brand-new Airbus A321neo and was delivered straight out of the Airbus factory in Hamburg, Germany. PLAY now has the youngest fleet in Europe, around 550 employees and serves nearly 40 destinations on both sides of the Atlantic.

Fly Play hf.: Highest-ever passenger number in a single month and an 85% load factor in May

PLAY carried 128,894 passengers in May which is the highest monthly passenger count in the airline's history. The number of passengers in May is almost 26% higher compared to April when PLAY carried 102,499 passengers. The load factor for May was 85% and 87.3% of flights arrived on schedule.

These are very positive results given the fact that May is typically a challenging month for airlines as they increase their capacity in preparation for the summer season ahead of demand as summer holidays have not yet commenced.

The traffic data for May also demonstrates significant growth from the same period last year, when PLAY flew 56,601 passengers and the load factor was 69.6%. This means that passenger numbers for May 2023 more than doubled year-on-year. 

In May, PLAY operated flights to 26 destinations, compared to 17 in May last year. Routes to and from London, Copenhagen, Paris, Boston, and Berlin had an impressive load factor of well over 90% and sunny destinations in southern Europe remain very popular. 

PLAY continued to see an increase between years in the number of passengers travelling to Iceland in May, signifying increasing international awareness and trust in the airline. Of all passengers flying with PLAY in May 2023, 27% were departing from Iceland, 25% were travelling to Iceland, and 48% were connecting passengers (VIA). PLAY is experiencing very strong demand from the USA to Europe with average yields significantly higher than last year.

28% increase in average ancillary revenue year on year and a positive outlook

May showed ongoing growth in ancillary revenues with the highest average ancillary revenue ever recorded in one month. Average ancillary revenue per passenger has grown by 28% compared to May 2022. Several factors play a role in this growth, such as various enhancements in the online booking engine and other modifications in the sales and distribution process. These factors and modifications are expected to have an even more significant impact in the coming months, driving further revenue growth.

PLAY starts Glasgow service.......

Icelandic carrier PLAY operated its inaugural service to Glasgow last Friday, which was welcomed by the airport's fire service with a traditional water cannon salute.

PLAY offer scheduled flights four times a week on Mondays, Wednesdays, Fridays, and Sundays, which will connect with PLAY's North American routes. The airline currently operates flights to Boston, Washington DC, Baltimore, and New York as well as Toronto in Canada.

PLAY will operate Airbus A320neo on the route configured with 180 seats, and this summer, PLAY's fleet will consist of 10 Airbus A320/321neo, with an average age of approximately 2.5 years. 

PLAY's motto is "Pay less, PLAY more," which means that customers can enjoy a cost-effective flight and have more to spend on their destination's fun activities. Furthermore, with a nearly 90% on-time performance rate in 2022, PLAY prioritizes passenger safety, providing a safe, reliable, and comfortable journey that doesn't break the bank. 

CEO Birgir Jónsson: "As we continue to expand our network, PLAY is proud to announce the addition of Glasgow to our growing list of destinations. With our focus on affordability and convenience, passengers can experience our on-time performance and safe, reliable service while exploring Scotland's vibrant city. We are excited to bring a new travel option to passengers, connecting them directly to and from Keflavik to Glasgow and to and from our routes across North America." 

Passenger numbers tripled in April for Iceland's PLAY

April's load factor topped 80.8%

The Icelandic carrier PLAY saw a substantial increase in passenger traffic in April, carrying a total of 102,499 passengers compared to 86,661 in March. The load factor in April was 80.8%. This represents a significant growth from the same period last year when 36,669 passengers were flown, and the load factor was 72.4%. This means that the passenger numbers for April 2023 nearly tripled between years.

PLAY’s routes to and from Barcelona and London had an impressive load factor of over 90% in April, and as before our leisure destinations were also very strong.

April continued an increase in the number of passengers travelling to Iceland, reflecting increased awareness and trust in PLAY in foreign markets. Of all passengers travelling with PLAY in April 2023, 33.5% were travelling from Iceland, 31% were travelling to Iceland, and 35.5% were connecting passengers (VIA). PLAY is committed to growing its market share in the important market segment of tourists coming to Iceland and this continued increase demonstrates a strengthening market position in the international markets. 

In keeping with the trend of very strong sales in 2023, April has proven to be yet another great sales month for PLAY.  Furthermore, the airline is experiencing a continuing growth trend in average yields and ancillary revenue.  Forward bookings remain strong, with a marked improvement in booking status compared to the same period last year. This bodes well for the airline's continued growth and success in the months ahead.

In April, PLAY maintained an impressive record of punctuality, with 85.3% of its flights arriving on schedule. This is a testament to the company's operational teams and crew, and it highlights the airline's commitment to delivering a reliable and efficient service. PLAY's punctuality has been significantly better than its major competitors over the past months, making it one of the most dependable carriers in its core markets.