They posted their accounts for 2008 at the end of May. £667,477 in the bank at the end of the year, with firm commitments for £1M in future spending (aircraft deposits probably). They don't need to disclose their P&L statements as a small company, but it's possible (with clever mathematics) to work out their profit/loss for the first year of operation.
In April 09 they received another £1.5M in equity financing from three investors. I would guess that Flat Spin may therefore have posted his/her comment having done some clever mathematics and therefore it's based on public domain fact rather than "complete rubbish" as Highflight420 suggested.
Not offering any comment on the company, which I really don't know, the people, likewise or the recruitment campaign - which I'm sure are all fine. Just on the mathematics of a VLJ start up (well, any start up really) in general and particularly so in this climate.