Nil Further,
The IT market may be contracting, but at Thomson/Britannia the sales of package holidays are still strong, but there is no growth in the IT market. This is the sign of a business that has reached maturity and is why the 757/767 fleet size has remained static for a decade or so, with no plans to make any big changes to this fleet (other than the usual tinkering of +/- 1 or 2 aircraft).
However, the loco market is where the growth is in the industry which is why Thomsonfly was started. But as Thomsonfly and Britannia are now one and the same the result is that there is huge growth in the company as a whole although this growth is primarily restricted to the 737 fleet. But who cares, because of the different markets it now services the company is able to hedge its bets. It now has the advantage of a traditional base which earns a huge amount of profit, added to that the growth from the loco fleet.
I am not saying that Easyjet isn't a good bet, because I personally think it is. But given the choice I would choose Thomsonfly - reasons - better (stable) rosters -none of this 6 on 3 off rubbish, final salary pension and more variety in flying - after all there is the opportunity to move across to the mainline fleet with longhaul etc.
Finally, I can't stand it when airlines bang on about how much money they have in the bank. MOL of Ryanair are the worst offenders, if I had a pound for every time I heard him talk about his billion in the bank I would be a rich man. The reality is this is just money from future bookings. These bookings have to be serviced so that money will eventually go into fuel costs, aircraft costs, maintenance, YOUR salary, etc etc. This is not money for a rainy day. All decent airlines have money in the bank - its called working capital, but not all of them brag about it.
Zippy