Lufthansa Technik is celebrating its continued growth path in the past financial year, closing 2019 with record revenue and earnings.
Revenue rose by 13% to €6.9bn and earnings before interest and taxes grew by around 11% to €493m.
The year 2019 continued a phase of strong global growth. Over the past five years, Lufthansa Technik’s revenue has grown by almost 60%. In the last financial year alone, the company acquired 25 new customers and signed 625 contracts with new business worth €4.1bn.
The strategy of long-term partnerships with engine and OEMs reached important milestones, with the start of operations at the two joint ventures XEOS (with GE Aviation) and EME Aero (with MTU Aero Engines) in 2019.
Lufthansa Technik also continued to drive its digitalisation efforts with the Aviatar platform. More than 30 different modules are now offered to meet the various needs of airlines.
Despite the good news, the extent of the future effect of the COVID-19 outbreak on the worldwide aviation crisis cannot yet be predicted, but Lufthansa Technik is mindful that the impact is already significant.
“With the outbreak of the corona crisis, nothing is the same as it was just a few weeks ago,” said Johannes Bussmann, chairman of the executive board at Lufthansa Technik. “The maintenance industry is already suffering from the decline in air traffic. The full extent will hit us with a delay, which means a forecast is currently not possible, but first impacts are massive.
“Everything depends on the duration of the crisis and how our customers will recover from it. We have prepared ourselves with a very comprehensive package of measures and also to be able to deliver at any time. Especially now, our customers need a reliable technical partner.”
