NAV CANADA announces year-end financial results

OTTAWA, ON, Oct. 24, 2024 /CNW/ - NAV CANADA today released its financial results for the year ended August 31, 2024.

The Company saw air traffic levels for fiscal 2024, as measured in weighted charging units(1), increase by 6.4% on a year-over-year basis. The Company's revenue for fiscal 2024 was $1,800 million, compared to $1,778 million in fiscal 2023.

The Company had free cash flow(2) of $162 million in fiscal 2024 as compared to free cash flow of $350 million in fiscal 2023. The decrease in free cash flow in fiscal 2024 is driven primarily by higher payments to employees and suppliers and higher capital expenditures as compared to fiscal 2023.

"Over the past year, NAV CANADA has demonstrated improved operational performance, a testament to the resilience and dedication of our teams. We have been actively focusing on cost management and refining our modernization strategies, which has led to notable improvements across various areas such as advancement in technology initiatives, infrastructure renewal, recruitment, and training. Our commitment to delivering value to our customers remains unwavering, and ...