Global aviation services provider, Menzies Aviation, has announced its FY24 financial results, reporting a fourth consecutive year of double-digit revenue growth.

Menzies Aviation’s 2024 Annual Review and Sustainability Report revealed that the company saw global revenue increasing year-on-year by 20% to $2.6 billion, which it says is as a result of expansion in existing and new markets.

The company also reported an EBITDA of $382 million (post IFRS16), with a 15% margin, which allowed for increased investment in equipment, technology, and training.

Menzies Aviation says the significant growth has solidified it as an industry leader and provides a strong foundation for its future expansions as more airlines and airport partners take note of its safety record, service quality, and leadership.

Internationally, the company made deals in Portugal, Hong Kong, Angola, and Malaysia to help strengthen its global footprint to 300 airports in 65 countries and expanded its network in established markets including Serbia and Spain.

It also managed more than 4.8 million flights, an increase from 4.5 million in 2023, and served more than 250 million passengers, compared to 217 million the previous year.

In the cargo sector, Menzies Aviation handled 2.4 million tonnes of cargo, an increase from 2023’s record of two million, as a result of investment into Menzies’ existing air cargo facilities and into cutting edge technology.

In addition, its freight forwarding service, Air Menzies International, achieved 16% year-on-year growth in tonnage, and the launch of its Pearl Elevated Travel brand attracted 2.8 million guests to its 55 lounges.

Menzies Aviation also made progress towards its Environmental, Social, and Governance (ESG) goals, making efforts to reduce emission in-line with its Net-Zero 2045 target.

The company became the first major aviation service provider to have its net-zero targets approved by the Science Based Targets initiative, and its worldwide ground support equipment (GSE) fleet is now 22% electric, almost to its goal of 25%.

It also financed over $388,000 towards sustainable development partnerships, community projects, charities, and supported local fundraising by its teams.

2024 marks the second consecutive year of reducing voluntary staff turnover at Menzies Aviation, with a further 5% reduction, which means it is now well below pre-Covid turnover levels. In line with the International Air Transport Authority’s (IATA) 25by2025 campaign, it also chieved 25% of women in senior leadership roles last year.

Hassan El-Houry, executive chairman at Menzies Aviation, said of the company’s performance: “As we reflect on these achievements, we take immense pride in leading the way, delivering high-quality aviation services, while upholding the highest standards of safety and security.

“With passenger numbers expected to surpass 5.2 billion for the first time and more than 40 million flights taking to the skies in 2025, our vision for the future remains clear: to be the world’s leading aviation services provide.”

Menzies Aviation’s group chief executive, Philipp Joeinig, added: “Strategic expansion has been key to our success over the past four years, resulting in a 41% increase in the number of airports we serve and a 71% growth in the number of countries since 2021.”

“Our efforts in nurturing strong relationships with our airline customers and airport partners has created a solid foundation for continued success, with new global opportunities at an all-time high… Our goal of becoming the undisputed leader in our industry remains central to everything we do, and we look forward to continuing this exciting journey together.”

Find the complete Menzies Aviation 2024 Annual Review and Sustainability Report here