MYT have posted a profits warning which they are required to do under various stock laws - this year's profit (not loss !) will not be at the level previously expected and notified to the City.
Bear in mind that MYT is now an umbrella group for a wide variety of companies, not least the former Airtours International airline and the profits warning relates to the group as a whole.
There have been no redundancies at the airline, we got a pay increase this year, an increase and extension to the yearly increments and in return we conceded some minor adjustments to the Scheduling Agreement. Admittedly, most, if not all, of this was down to the excellent work of the BALPA reps, but the airline is not down and out
In fact, the ex-BritWorld 757 has recently been delivered and is already being flown. Fleet expansion... who'd have believed it ??!!
Management wanted a pay-freeze, an abolition of the scheduling agreement and lots of other draconian measures post Sep-11, but these have proved unnecessary.
The low-cost formula is something else. Every airline is attempting to blag a share of every other airline's business, but (and please correct me if I'm wrong), MYT is basically going to fly no-frills charter flights. No scheduled services, just a stripped-down charter trip.
Not everything is rosy at the former AIH, but there are worse companies to be employed by right now. The people who count the coins do seem to know what they're doing judging by the companies position at the moment, but perhaps that's wishful thinking on my part !