TSR2
Setting personalities aside for a moments - Monarch's "woes" are no greater or less than any other Airline, or indeed Company, operating in the UK today.
The fuel hedge position for this year turned out to be not brilliant (easy to say with 20/20 hindsight) given that the spot price dropped off a cliff. This wasn't forecast so the management, whatever you think of them, acted in accordance with the informed thinking at the time. As did most other Airlines, or at least those who were credit worthy enough to secure hedges. The hedge looks much healthier for next year so the "burden" of last years high fuel prices, which of course effects everyone else too, will wash through the books soon.
Yields are soft, as they are with every Airline in the world, but unlike others Monarch's load factors high, a good sign for customer loyalty and confidence.
In short: hard times but the hatches are being battened down and all parties are throwing in what they can to weather the storm. If anyone chooses to make inferences from a pay cut then they need to make the same inferences of BA, Virgin, Thomas Cook, Thompson (TUI) et al - who have all AGREED their own sacrifices already. To be honest I'd be more concerned by a Co. that wasn't being proactive in maximising its cash position in times like these. Monarch has had 42 years in business and I'd personally bet my mortgage on another 42.
