Despite an unfavourable economic environment, Geneva-based Baboo has announced positive results for the 2008 calendar year. Baboo says it achieved this strong growth "thanks to a sound expansion strategy, a strengthened management and the support from its main investor, M1 Group".
Turnover rose to CHF56 million (+87% on 2007's CHF30 million), while passengers carried went up by 75% on 2007 from 169,000 to 295,000.
The growth has taken the shape of – among others things – the delivery of three new 100-seat Embraer 190s, delivered in May and June 2008, increasing the fleet from two to five aircraft and tripling capacity from 148 to 448 seats. In addition, seven new destinations were added to the Baboo network, taking the total number of destinations to 18 (excluding charter flights).
To deal with this expansion, an intensive recruitment policy brought the airline's headcount to 200 at 31 December 2008, up from 115 staff on 31 December 2007.
The airline says that the financial crisis and the increase in the cost of fuel did affect its business activity, but not as much as that of other airlines. This, the carrier adds, is attributable to: having an up-to-date fleet of new aircraft that consume less fuel; operating flights to short-haul destinations; and having revenues in euros rather than US dollars.
“If the market so permits, a recession can generate some fine opportunities. Our small size gives us maximum flexibility and enables us to be reactive in the market. That is what will enable us to strive to achieve in 2009 the objectives that we set ourselves at the beginning of this expansion phase,” commented Jacques Bankir, CEO of Baboo.
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