Out Of Synch,
Under IFRS, easyJet's profit before tax for the year ended 30 September 2005
increased from £67.9 million under UK GAAP to £82.6 million under IFRS - or about £15 million. Your point is however semi-valid - if the aircraft don't fly then there is NO profit. Do you think they can afford to do THAT? What would the shareholders say to that???
The FACT is that flights are already being subchartered. This is a HUGE cost being bought about by the intransigence of the Management and their failiure to take the bull by the horns and ADDRESS THE ISSUES that are causing flightcrew to leave in LARGE NUMBERS. I think the quoted turnover figures are pure BS/Spin. 3 LGW skippers last week.....
The current workforce are not asking for a pi$$take payrise. However it is only correct that their hard work (and lets not beat about the bush here, working for eJ is hard work, with multi-sector days in busy airspace with short turnarounds. That kind of operation DEMANDS professionalism, which is what eJ gets, and should be rewarded as such. Would the new CEO have taken the demanding job of running Europes premier LoCo if he was only going to be paid half of his £540,000 BASIC salary. Probably not - market forces and all that - must pay these salaries to get the best people. Er hello!!!!!!
Well the management NEED to WAKE UP and SMELL the Kerosine (to coin a phrase). Market forces are at work - BIG STYLE. Address the pension issue (primarily) start promoting the many, many talented SFO's you have before they all go to Virgin, BA, TFly etc, sort out the 5/2/5/4 debacle
How much does the managemnt think a 2 day strike would actually cost the company in real terms? Lost future business, shareprice fall..... I bet the Icelanders are poised with their cheque book just waiting for it to happen.
easyJet should be a company that people aspire to - perhaps a shorthaul Virgin if you like. When I joined I was told the goal was to make eJ the "employer of choice" - doesn't appear to be "on message" at the moment.
What's so bloody frustrating is that NOTHING ever seems to be addressed. Just carry on regardless until the wheels come of and a fair % of the fleet is grounded in the summer due to lack of crews. It borders on criminal negligence.
A4
