This may be commercially sensitive, but I am wondering what proportion of their PAX are flight only, what are Monarch holidays, and do they carry PAX booked by other holiday companies? These could be the specialist operators eg golf trips to the Algarve, or from the larger operators wishing to add an additional origin or destination. For example, TCX don't have any base a/c in Edinburgh, but offer holidays to Tenerife and Majorca using Easyjet; and TUI add to the offer using their single based a/c by also using Easyjet to Dubrovnik. In the past they would have also used Jet2, but they are hardly likely to use their main competitor!