The shove that dare not squeak its name.
Well, not Airbuses perhaps, but does 27 brand new Boeing 737-800's this year count? Capacity 189 versus 156 on the minibus? What about 29 more in '06, and 25 more in '07. Then its 20 brand new –800’s every year until 2011, and yes, profit is forecast every year throughout.
Its not only the absorption of new aircraft acquisitions, TLT, but EZY's unhedged exposure to the 'perfect storm' of relentless upward pressure on the oil price, demand driven rather than supply driven this time, simultaneous to declining yields, crucial boardroom departures (not to mention one crucial return!), and a determined, capable competition....and no, I don't just mean Ryanair. Air Berlin are hot on your heels, as too are German Wings, exacerbating already under performing bases in Berlin and Dortmund. Don't forget Sterling and what about the FL Group's (Icelandair) 11.5% interest in the company?
The unthinkable seems plausible, all of a sudden. Remember Ansett?