Showing posts with label Play. Show all posts
Showing posts with label Play. Show all posts

Wednesday, 22 September 2021

PLAY to receive four Airbus neo aircraft from GECAS’ orderbook


GECAS has reached an agreement to provide three A320neo and one A321NX narrowbody aircraft from its orderbook to PLAY, the newly operating Icelandic low-cost airline.  The aircraft are scheduled to be delivered between autumn 2022 and spring 2023

Based in Reykjavík’s Keflavík International Airport and commencing operations in June of this year, PLAY’s current fleet of three A321neo connects passengers to ten locations across Europe. As Iceland offers a unique geographic location for transatlantic travel, these new technology narrowbodies offer greater capability to make connections within North America as well.

“We are delighted to add additional aircraft to the PLAY fleet. Our long-term objective is to make PLAY a leading brand in our market and we are very happy to have signed a partnership with GECAS, a leading international aircraft lessor. We appreciate the relationship with them through the early days of our airline,” Birgir Jónsson, PLAY’s CEO said. “We are consciously including environmental and ethical variables in our decision making. The addition of these fuel-efficient aircraft will help us meet our growth objectives as we look forward to the opportunities ahead.”

“GECAS has a successful track record of working with start-ups from their inception and are proud to support their success,” shared Alan Buckley, GECAS’ SVP & Region Manager. “GECAS is impressed with PLAY’s business plan and believe the airline is well positioned for growth. These neos will enable PLAY to build a broader network of routes to meet future travel demand and we are excited to join them on this journey.”

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Tuesday, 7 September 2021

First half to 2021 played well for PLAY - better than expected results.

Remarkably the brand new low-cost airline operating flights between Iceland and Europe, PLAY has had a good start to the year.  This new budget offering carried more than 17,300 passengers in August, which almost doubled the number of passengers carried in July.

Also in August PLAY applied for a permit and exemption authority with the US Department of Transportation to launch services to the United States in 2022. The carrier put in the application on 20th August asking to operate both scheduled and charter flights in and out of the U.S. on its A321 aircraft.

In April, PLAY raised USD 47.0 million through private placement and in June, three aircraft commenced scheduled flights under favourable power-by-the-hour lease terms.

Operation begins in a secure and efficient manner 
Cash position stronger than planned
Leasing six new aircraft - a major milestone in securing future fleet at terms better than anticipated in business plan
Positive demand trends and outlook
Focus is now on preparing for the hub-and-spoke operation in spring 2022 and adding destinations in North America and Europe

After receiving the Air Operator Certificate and launching ticket sales, there was strong demand making PLAY’s first summer schedule a success.

PLAY further solidified its funding in June, raising USD 34.9 million through an Initial Public Offering and is now listed on the Nasdaq First North Growth Market Iceland.

The financials for first half reflect PLAY’S successful start of operations. The cash position is more robust than estimated as terms on credit card settlements are more favourable than anticipated. These improved terms reflect the solid financial position of the company and a successful start of operations.  

Positive Demand Trends Support Buildup

Sunday, 27 June 2021

Iceland’s newest airline launches direct flights between Reykjavik and London Stansted.

Ready to Play.......Iceland is back on the destination boards at London Stansted with the new airline Play launch a route from the airport to Reykjavik  

The first flight took off on the 24th of June operated by a 192 seat Airbus A321neo jet in the rather bright and very wowish paint job.  The route is scheduled to be operated four times a week at the moment, with flights on Mondays, Thursdays, Fridays, and Sundays, but could be increased as and when demand dictates. 

Iceland is currently one of the destinations on the UK’s travel green list where travellers can visit without having to quarantine on return. With Play fares starting around £30 for a seat only, Reykjavik might just be a great alternative to summer sunshine breaks for holidaymakers hungry to travel.  

Steve Griffiths, Managing Director of London Stansted, said: “We’re delighted PLAY has joined us at London Stansted and launched its inaugural flight from the airport.

“Iceland is one of the very few countries currently on the UK green travel list so it’s a great alternative destination for people looking to get away on holiday this summer.

“The North Atlantic island offers an incredible number of things to do and see for holidaymakers and adventures alike. With its stunning scenery, volcanos, waterfalls, geysers and hot springs, it’s truly a spectacular place to visit.

“We wish PLAY every success with these great value and convenient flights which will I’m sure prove to be very popular with passengers from London and East of England wishing to fly from their local airport.”

Birgir Jónsson, CEO of PLAY, said: “The inaugural flight marks a milestone moment for us at PLAY. I am incredibly proud of my colleagues, all of whom have played an integral role in launching the airline.

“It’s great to see the crew wearing PLAY’s new uniform, which encompasses our core values: simplicity, playfulness, competitiveness, equality and on-time performance.

“The PLAY-branded Nike trainers are also a great nod to the Greek goddess Victory’s wings, which symbolise the sound of speed, movement, power and motivation.

“We’re so excited to be taking our bright red plane to the skies, and welcoming British travellers to Iceland this summer.”

Things to do in Reykjavik

Where to stay.... Top hotels in Iceland

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Saturday, 26 June 2021

Getting ready to play....A very successful conclusion to latest share offering by new Icelandic airline. Uniforms revealed.

On Friday evening the new share offering for the new budget carrier from Iceland, Play ended with a total new 221,906,800 shares issued.  There were two separate offer books available, offer book A and B, which were different with regard to size and allocation.

Approximately 4600 subscriptions were received for in total ISK 33.8 bn. or approx. USD 274 m.
In book A subscriptions were made for in total ISK 6.7 bn. or approx. USD 55 m, at the fixed rate of ISK 18 per share.
In book B subscriptions were made for in total ISK 27.0 bn. or approx. USD 220 m, with the final offer rate of ISK 20 per share.
The offering was managed by Arctica Finance, as Lead Financial Advisor, and Arion banki as Joint-Financial Advisor.

Play’s board of directors will now evaluate the subscriptions received in the offering and make decisions with regard thereto. The results of the allocation of the offering are expected to announced at the end of 28 June 2021. Information on final allocation will be accessible through the subscription system, which can be accessed through Arctica Finance´s website,, by using the same log in credentials as in the subscription process.

The final due date for payment is expected to be on 5 July 2021. Subject to payment, the newly issued shares are expected to be delivered on 9 July 2021.

Trading of the shares of Play on Nasdaq First North is expected to commence on 9 July 2021. First day of trading of Play’s shares will be announced at least one business day in advance.

Birgir Jónsson, CEO of Fly Play said:  "This is a defining moment in PLAY‘s history with our inaugural flight yesterday which was a huge achievement by itself but also because today PLAY successfully concluded its IPO. Our staff has worked wonders over the past few days, and indeed weeks. We are well prepared to maximize the post-covid opportunity and we believe our investors have placed their trust in us as we have shown the resilience that is needed in this market. To add to the joy of today the Icelandic government finally declared Iceland free of any pandemic restrictions from midnight onwards. I think we can allow us some optimism now that we can start rebuilding Iceland’s tourism, and the world’s."