Barcelona-based LCC Volotea reported a net profit of €11.2 million ($13 million) for 2017 on revenue of €307 million, up 23% year-over-year (YOY).

The company did not provide a net profit figure for the previous year. Ancillary revenue reached €105.1 million, or 34.1% of revenue.

The airline earlier this month announced a new group of investors.

Volotea said passenger numbers jumped 40% YOY in 2017 to more than 4.8 million and load factor rose 9.8% to 85.4%.

The airline, founded in 2012, operates from 12 bases, of which three—Bilbao (Spain), Marseille (France) and Athens—have been added in 2018. It has a mixed fleet of Boeing 717s and Airbus A319s.

Alan Dron