Ving’s Comeback After Bankruptcy and Pandemic: Record-Breaking Results for 2023

On 23 September 2019, Ving’s owners, the Thomas Cook Group, went bankrupt. All Wing aircraft were immediately grounded. A month later, the new owners were given. Petter Stordalen joined PE funds Altor and TDR Capital and invested NOK 413 million to secure Ving’s future.

Then came Covid-19, and the recruitment market collapsed.

Now it is finally back.

come back

352,000 customers traveled with Ving last year, an increase of almost 30 percent compared to 2022.

“After the Covid-19 pandemic, the recruitment market is back to normal, and the company is once again the largest player with a market share of 43 percent”, the company said. write in the annual report. In 2020, there were only 120,000 passengers.

In 2023, turnover ended at just over NOK 4 billion, an increase from NOK 2.6 billion the previous year. For comparison, turnover in 2019 was NOK 3.3 billion.

– I am proud of our result after several years of great challenges during the pandemic. We didn’t fly from Norway for 16 months. Our staff have put in a lot of effort and despite the expensive time, I am pleased that we now seem to have delivered a good result in an industry that still has great challenges, says Ving’s CEO, Marie-Anne Zachrisson, to Finansavisen.

Operating profit increased as much as NOK 54.9 million and ended at NOK 84.1 million. Net cash flow from operations was NOK 20 million, and the annual profit ended at NOK 87.2 million.

A tougher summer ahead

Ving Norge is the largest travel operator in Norway, and sells package tours and charter flights to the Norwegian market.

Despite the fact that the demand for holiday travel is back, the summer does not look so bright.

“Currently, the sales trend for the summer season is down about 14 percent compared to the same period in 2023. So the company has changed the flight program a bit, and the sales trend is equal to the sales targets”, said the company. states.