I worked for a small startup once, and the managing director told me they didn’t even have a breakeven figure forecasted until at least 2 years in. Initially it’s all about raising awareness, bums on as many seats as possible, and low fares below the competition. The picture of where the place was going was much clearer at the 2 year mark, with all that volatility behind them.
I would assume Rex’ investor would want a 12-24 month disruption free period to see the potential of its investment. However I don’t think that’s going to be possible with Virgin ramping up further, with Jets arriving monthly for the next few years starting shortly. Then time wasters like Bonza on the side destroying margins in the leisure end.