Bristow posts 9% YoY revenue growth in 2024; books $95m profit
Helicopter services provider Bristow filed full-year results for 2024 reporting a 9% year-over-year (YoY) increase in revenue to $1.4bn compared with $1.3bn in the same period of 2023.
“We are pleased to report very strong fourth quarter 2024 financial results, which exceeded the upwardly revised outlook range for Q4 and full year 2024,” said Chris Bradshaw, president and CEO of Bristow Group.
The segment-wise breakdown showed the company’s revenues from offshore energy services (OES) posted the most growth of 13% YoY to $966m. Within the OES segment, geographic breakdown showed significant revenue growth from operations in Africa (up 39% YoY), followed by 11% YoY increase in Americas and 7% YoY increase from EU operations.
Commenting on the growth in African region, the company said that: “Nigeria remains one of our most promising markets, as the business continues to absorb increasing demand in the region. The combination of increased utilisation, higher rates and added capacity is fuelling our growth in this market.”
Meanwhile, OES growth was followed by 12% increase in government services (search and rescue, military personnel transportation and other aviation services to various government agencies) which reached $329m.
On the flipside, the company’s other services segment (regular passenger transport scheduled airline service) witnessed a moderate decline of 2% YoY during the year to $120m.
The company delivers services in Canada, Mexico, United States, Chile, Dutch Caribbean, Trinidad, Brazil, Ireland, UK, Spain, United Kingdom, Netherlands, Nigeria, Norway , India and Australia. The operator boasts a total fleet of 210 aircraft, of which 167 are owned with the remainder on lease.
Overall, the company posted a 2024 net profit of $95m against a loss of $6.9m in 2023.
Fourth-quarter revenue slides while profits rise
Despite a strong full-year performance, the company’s topline performance during the fourth quarter of 2024 was relatively weak compared to the same quarter of 2023 as it reported declines across all segments.
Total revenue tumbled by 3% YoY to $353m with lower growth of 2%, 3% and 8% from offshore energy services, government services and other services respectively.
However, the company did manage to increase its net income during the quarter to $31.7m, up 12% YoY from $28.3m in the same period of last year.
$1.4-1.6bn revenue outlook for 2025
In its 2025, outlook the company affirmed its guidance to maintain revenue at $1.4bn in 2025 expecting growth in offshore energy services and government services while maintaining revenues in the other services segment.
“Market conditions are expected to remain constructive for our industry in 2025, given current utilisation levels coupled with unmet lift demand and long lead-times for new builds,” the company said in its OES outlook for this year.
