Travel boom helps aviation tech pioneer SITA take-off
SITA, the aviation industry’s leading technology provider, has posted a record set of results amid buoyant global demand for travel.
The Swiss firm reported its highest-ever annual revenue of almost $1.5bn (£1.2bn), which marked a seven per cent year-on-year rise and came alongside a record number of new contract and partnership signings.
Growth in earnings before interest, taxation, depreciation and amortization (EBITDA) also exceeded forecasts by four per cent.
Founded in 1949 by 11 airlines, SITA provides the global air transport industry with IT and technology solutions to speed up travel through airports and borders. It recently agreed a deal with the Airports Authority of India to provide 44 airports in the country wiht access to the cloud.
“Every one of our customers and members benefits from our strong performance and growth,” said David Lavorel, chief executive of Sita . “It means we can self-fund our portfolio evolutions and explore further innovation opportunities. This is vital as we address the big trends now facing travel and take on new technologies to shape our industry’s future.
“Our portfolio developments and innovations are preparing the industry for the years ahead, delivering seamless and touchless journeys, operational efficiency, resilience and agility, sustainability, and more.”
Resurgent travel demand following years of Covid lockdown has resulted in a booming 12 months for global aviation. Airports and airlines alike have posted a string of record results.
SITA’s growth highlights the wide-reaching impacts of such a surge in travel demand. The company has been on somewhat of an acquisition spree in recent months, snapping up passenger handling provider Materna IPS and SmartSea, a marritime service provider.
It is looking to increasingly expand into cruise, rail and urban air mobility, which refers to nascent fields such as flying taxis and vertiports.
“This is an exciting time for the travel industry,” added Lavorel. “Major trends such as digitalization and sustainability will uproot the way we work, forever.
“For 75 years we’ve helped air transport step into the future. Now we’re positioned to help the wider travel and transport industries to create ever more frictionless journey experiences, achieve operational efficiencies and resilience, and address sustainability requirements.”