Those £50 are only the start of an expensive encounter. Another £150 for the sim check, and then you have to pay for your own rating as well....without a firm joboffer at that stage yet!
Not surprising that they are doing as well as they are, saving in various areas where pilot hiring and training is only one of them.
Have you ever noticed their taxi speed (touching V1) or wondered how they manage these quick turn-arounds (eg.by not doing any sort of security checks, checking seat pockets for left items etc.)?