This was posted on their website yesterday.
Silverjet plc ("Silverjet")
Response to Analyst Research Note
Silverjet plc ("Silverjet"), the British airline offering a private jet experience at a fraction of the price, notes the research published today by Daniel Stewart which contains numerous material mistakes and inaccuracies, these include notably:
-The current average cost per rotation is £75,000 rather than the £135,000 quoted by the Daniel Stewart research note
-Liability for maintenance of £9.7m is payable over the ten year term of the lease and not the majority in the current financial year as stated by the Daniel Stewart research note
-The statement that Silverjet expects to be cash generative following the current financial year is based on operating 5 aircraft and not 3 as stated by the Daniel Stewart research note.
The Directors remain confident that Silverjet will achieve its first month of profit before tax in the current financial year ending 31 March 2008. Cash flow will be broadly neutral over the remainder of its current financial year ending 31 March 2008 and the business is expected to be cash generative thereafter.
The business continues to trade strongly with 5000 bookings being made last week and 20% of customers are now repeat bookings.
The airline is in a strong financial position having just raised £22m, £12m from existing investors and £10m from the Reuben Brothers as well as securing two new aircraft which will be delivered by March this year.
The new Dubai route is performing ahead of managements expectations.
Silverjet remains very confident that it will continue to deliver on its strategy and revolutionise the way passengers fly longhaul business profitably.
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