I guess the next thing to do is to ask our COO, John Slosar, what the first quarter results are.
His response will be to say that we only report half yearly which is the legal requirement for the Stock Exchange, etc.
Now ask him what the Management Accounts are showing - these are prepared every week and month (think Weekly Telex).
Simple question:
HAS THE COMPANY MADE A PROFIT IN THE FIRST QUARTER OF 2009?
Watch out for the tricky replies:
- We don't monitor results that frequently.
- It is difficult to give a full answer to the question because....
- Our P&L is not the way to see the full picture here.
- Yields have collapsed.
- We are paying passengers to travel in the Front end.
- Reduction in Mark-to-Market provisions is not a cash benefit to the company (just as they weren't cash losses last year!!)
- We cannot give out share price sensitive information. (Unless it is Tony Tyler briefing analysts privately!!)
- The sky is falling.
When is the next business briefing?