I believe the (lack of) hedging gain was around £10m so overall good news and a step in the right direction.
I would still be cautious going forward, the summer program is much lower than previous and the fixed cost overheads of running the airline are shared amongst fewer airframes, by the end of this year most competitors will have unwound their hedge positions, so a one off and well deserved.
From what i hear from current employee's still some rather generous benefits and allowances around at ZB, the next 12 months will give an idea whether the business has a future.