I'm surprised that no one has really touched on this, the press release back on Page 86 suggests that the Monarch Group have returned back to profitability by cutting staff and selling assets.
Is this not highly concerning, that a leisure travel organisation cannot make profit (and by the look of it, make a substantial loss) from it's core activities of selling flights and holidays! How will next year pan out, as assets cannot be sold year after year, and staff cannot be cut and cut without serious implications. I'm not a business analyst, but if the airline I was working for, was carrying out business practices away from it's core activities just to generate profit to survive, i'd be sending my CV out!