Monarch back in the black
31 May 2011
The Monarch Group made £1.4m profit in the year to 31 October, according to
The Times yesterday.
This compared with losses of £30.3m in the year before, for the parent of Monarch Airlines and Cosmos Holidays.
The report attributed the return to profit to staff cuts and the sale of assets.
The workforce fell to 2,791 from 3,086 and the group also sold two hangars at Luton airport for £6.4m, said
The Times.
It reported that sales dropped 4% to £757m, partly because of the closure of airspace during the volcanic ash disruption in April 2010.
The airline division cut losses to £9.3m from £19.1m in the year before, while Cosmos Holidays saw turnover and passenger numbers down 8% and 10%, said the report.
The Times said chairman Iain Rawlinson described 2010 as ‘very successful’ after its management restructure which led to operational improvements.
However this year is challenging because of high oil prices and weaker consumer spending, he said in the report.
unquote
Airline losses down to £9M = succesful year?
