Qantas Group HY24 Results: more A321XLRs ordered

[Harrison_133]

Qantas have released their results for the first half of FY24.

• Underlying profit before tax: $1.25 billion (down 13 per cent)
• Statutory profit after tax: $869 million (down 13 per cent)

Fleet updates:

• 8 additional A321XLRs have been allocated to Qantas Domestic from the Group's existing Airbus order
• Four additional mid-life A319s have been purchased for Network Aviation
• Manufacturing delays have impacted delivery dates for the first A321XLR for Qantas Domestic and the A350 for Qantas International

More here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02775559-2A1506488

 

[chrispy3276]

QFF numbers:

• $270m underlying EBIT (up 23% on 1H23)
• 15.8m members (up 1 million in the last 12 months)
• 99 billion points earned, 82 billion redeemed (up 13% and 14% respectively)

 

[chrispy3276]

Interestingly also saw this about their outlook for the current half to June 2024:

• QF Loyalty is expected to be $500-$550m Underlying EBIT for the full year - but this excludes any changes currently being considered to the program
• The announced new share buy-back isn't going to happen until changes to QFF have been finalised and announced to the market - sounds like this might actually be a decent investment from QF and take a bit of cash to implement

 

[levelnine]

The Group is still working to finalise improvements to the Frequent Flyer program that will represent a significant investment for members, with the aim of announcing them by April.

Brace for impact.

 

[Harrison_133]

Wi-Fi finally being rolled out to International too. A330-200s from late-2024. A330-300/A380/787s to follow in 2025.

Also note the A220 cabin in this image:

 

[shannan94]

No classic rewards bulk release today, as we have become accustomed to in recent times. Looks like they’ll hold out to do a bulk release when the mooted program changes are announced.

 

[Saab34]

Program changes would be skewed to increasing revenue/earnings so god help us on that front.

 

[chrispy3276]

E-mail from Qantas to QF members that just went out: "Average fares have dropped more than 10 percent since peaking in December 2022 and we'll shortly announce a major investment to improve our Frequent Flyer program".

 

[Saab34]

One for the finance peeps, so when do they start paying tax again?

 

[sevenfourtyseven]

New website coming in mid-2024

 

[harryhv]

Let me guess - like Delta they will do a deal with Amex to let cardmembers into the Qantas Club - duplicating the long lines of people waiting to go into Delta Skyclubs

 

[moa999]

One for the finance peeps, so when do they start paying tax again?

Tax losses from Covid are almost gone.. only $206m left, versus a $288m 'bill' for this half (and $409m for the prior years half)
(See Note 7 to the Financial Statements)

If you look at the financials they are pretty much paying the 30% corporate tax rate with minimal adjustments.

So I'd expect some actual tax to be paid this FY based on profits thru June 2023.

 

[RooFlyer]

New website coming in mid-2024

Oh, God. Those of us who have been through these before know it will not be pretty.

 

[RSVKanga]

Anyone else notice (and know the name) of this new corporate font QF is progressively rolling out, which is gradually replacing the current Ciutadella font?

 

[dylarr]

Anyone else notice (and know the name) of this new corporate font QF is progressively rolling out, which is gradually replacing the current Ciutadella font?

Oh good pick up! I'm a design / font nerd and I didn't even pick up that they were using something other than Ciutadella when I was skimming through everything today.

Looking at the PDFs they've released today the font they are using is Söhne from NZ-based Klim Type Foundry: Klim Type Foundry · Söhne fonts

 

[moa999]

Only a font designer could write this.

Söhne is the memory of Akzidenz-Grotesk framed through the reality of Helvetica. It captures the analogue materiality of “Standard Medium” used in Unimark’s legendary wayfinding system for the NYC Subway.

 

[Himeno]

are the extra 321XLRs compensation for the 350 delays?

 

[SYD]

are the extra 321XLRs compensation for the 350 delays?

Aren’t they just a reallocation between QF and JQ? No actual additional planes overall? If I read the OP correctly.

 

[RSVKanga]

Oh good pick up! I'm a design / font nerd and I didn't even pick up that they were using something other than Ciutadella when I was skimming through everything today.

Looking at the PDFs they've released today the font they are using is Söhne from NZ-based Klim Type Foundry: Klim Type Foundry · Söhne fonts

Thanks! Now we can have a side-by-side comparison

 

[RichardMEL]

On fonts, I hope they change the font, or bolding at least, on the inflight menus. Just sayin'

I like this new one as above.