Originally Posted by
Tagron
From what I can fathom at a quick glance, and the results are couched in accountancy mud as is usual for Stobart, the Aviation Division results include the revenue arising from the sale and leaseback of the eight ATR aircraft. That revenue was £115m. I think the stated loss for the aviation division of £896k is therefore understated and the loss of £13m under the adjustments and eliminations heading is in fact attributable to the Aviation Division.
Financials to one side, the total passenger numbers look promising at 610K for the 6 months although this hint of an upturn is dampened when you realise that revenue per passenger is down as are passenger loads on the Stobart Air aircraft.
I still question the wisdom of Stobart trying to grow their airport with flights operated by their own airline - it makes little financial sense but I'm guessing they are trying to show other airlines that Southend can generate traffic. Only time will tell but 2.5m pax by 2018 is not an achievable target anymore.