Danish virtual charter specialist Airseven (Copenhagen Roskilde) expects production and turnover to increase by 25% in the current financial year, with the company's capital resources becoming strong enough to support expansion in 2024, including its ongoing fleet renewal, according to its financial report for 2023 released this week.

Established in 2020 and starting flight operations in June 2021 as a subsidiary of Danish tour operator Primo Tours, Airseven flies for the parent and other travel agencies using the operating licence of Copenhagen AirTaxi (CAT, Copenhagen Roskilde). Flights are also "carried out for other airlines as well as ad-hoc charter flights," it summarised in the report for the year ending December 31, 2023.

The annual report said Airseven "operated three Boeing 737 aircraft during the accounting period. The total number of flight hours was 5,380 in 2023, an increase of 10% compared to the previous year." During the year, it added, it began a replacement of its older B737-400s with newer B737-800s, a process that resulted in "a number of extraordinary costs in 2023".

According to the ch-aviation fleets module, Airseven currently operates three active B737-800s and two B737-400s, both of which are in maintenance.

The annual report revealed that total costs for the period amounted to DKK318.9 million kroner (USD46.3 million), mainly attributed to jet fuel (35%), various taxes (18%), and flight-related costs (11%).

Total income for the year was DKK323.6 million (USD47 million), close to what was budgeted. Equity has fallen to DKK5.2 million (USD755,000), the main reason being a negative equity adjustment at the end of the year due to unrealised losses on hedging relating to jet fuel and currency. These will be eliminated during 2024, the company pledged.