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Celebrating success in 2024 and charting the ambitious road ahead
Philipp Joeinig
Group CEO
The aviation industry experienced a record-breaking year in 2024, marked by a surge in passenger traffic and cargo volume. At Menzies Aviation, we celebrated our own record year as revenue climbed to $2.6bn, a 20% year-on-year increase on 2023. We expanded to 300 airports in 65 countries, and served 4.8m flights, up 6.6% from 2023, while handling 2.4m cargo tonnes, up 20%, highlighting our truly global role. As we continue expanding our global footprint, the question becomes: where do we go next?
With strong momentum behind us, we are laser focused on strategic expansion opportunities which allow us to further solidify our position as a global leader in the aviation services sector, and drive value creation. We are actively leveraging mergers and acquisitions, and strengthening partnerships with customers, to drive continued expansion and success across key markets.
In the Americas, the market remains dominated by a few major players who operate at several key airports, alongside several smaller, independent suppliers. Consolidation is a notable trend within the region, particularly among ground-handling service providers who are looking to extend their market presence and streamline operations. Additionally, South America presents an exciting growth opportunity, driven by an increasing rise in low-cost carriers, a growing middle class, and greater disposable income, particularly in large economies such as Mexico and Brazil.
Across Asia, we see substantial opportunity, both through expanding existing partnerships and forging new relationships across key markets. This past year we expanded via our joint venture with China National Aviation Corporation (CNAC), creating Menzies CNAC at Hong Kong International Airport. Looking ahead, the region’s aviation market continues to show promise, driven by growing demand for air travel and infrastructure development in emerging economies.
In Europe, 2024 saw significant organic growth, with further expansion anticipated, driven by increased demand and operational improvements across the continent. We gained a 65% market share in Portugal through the acquisition of Groundforce and in Serbia, we assumed full ground handling operations at Nikola Tesla Airport – our largest deal in Eastern Europe to date. In Spain, we were awarded seven ground handling licenses in the Spanish Airport Authority’s (AENA) landmark tender, while opportunities in Eindhoven, Maastricht, Rotterdam, Copenhagen, and Stuttgart, marked new operations for our fuels business.
Meanwhile, our strategic move into the Executive Aviation sector through our Pearl Elevated Travel brand is enabling us to tap into a fast-growing, premium segment of the industry. This expansion into executive services presents a unique opportunity to diversify our business and build on the Pearl portfolio. In 2024, we welcomed more than 2.8m guests across our 55 Pearl lounges, and with 28 FBO locations and growing, we’re primed to meet the needs of executive and private aviation customers across the globe.
As we focus on being the partner of choice and expanding our global footprint, we recognise that growth isn’t solely about scale – at Menzies, it’s about growing sustainably. In 2024, we became the first major aviation services provider to have our net zero targets approved by the Science Based Targets initiative (SBTi). As we expand, we remain firmly committed to our ESG principles, ensuring that our growth delivers value and positively impacts the communities in which we operate. We are committed to investing in our people, developing talent and fostering a culture of inclusivity, diversity, and continuous learning. By doing so, we ensure that the benefits of our growth extend beyond business success and contribute to a better, more sustainable future for all.
As we close the chapter on a record year, we’re poised and ready for the road ahead. We have achieved extraordinary milestones, and with more growth expected, the future holds even greater promise. Exciting times are ahead.
Philipp Joeinig
Group CEO