SilverJet (Merged 30/05)
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from what i've seen on other threads the broker miscalculated the costs basically by 50% by estimating a round trip to JFK costs £135,000. This is clearly not the case and if there is such a person as Daniel Stuart he should be shot! 
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SILVERJET Share price on the way back up today
Hudson.
This report was based on a floored report which was full of errors.
The errors have been described as 'schoolboy'.
The analysis was a great disservice to the company and the facts have now been corrected today.
See City Websites for details eg CITY AM / London Stock Exchange
It seems that heads may have rolled at the DS Agency for whatever reason.
God Speed Silverjet. Keep up the good work
SILVERJET Share price back on the way up
I will never understand the delight some people on Pprune have in bashing a company.
This report was based on a floored report which was full of errors.
The errors have been described as 'schoolboy'.The analysis was a great disservice to the company and the facts have now been corrected today.
See City Websites for details eg CITY AM / London Stock Exchange
It seems that heads may have rolled at the DS Agency for whatever reason.
God Speed Silverjet. Keep up the good work
SILVERJET Share price back on the way up
I will never understand the delight some people on Pprune have in bashing a company.
Last edited by SAM 2M; 15th Jan 2008 at 21:14.
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On the other hand what goes around comes around. I recall Silverjet being pretty happy about the misfortunes of Maxjet last month. Having said that..when has the Daily Mail ever published anything do to with aviation accurately?
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Silverjet : Response to analyst note
*Silverjet Claims Analyst Report Innaccurate
*Silverjet Confident Of First Pretax Pft In Yr To Mar 31
Silverjet said today that it notes the research published today by Daniel
Stewart which contains numerous material mistakes and inaccuracies, these
include notably.
Thecurrent average cost per rotation is £75,000 rather than the £135,000 quoted
by the Daniel Stewart research note.
Liability for maintenance of £9.7m is payable over the ten year term of
the lease and not the majority in the current financial year as stated by
the Daniel Stewart research note.
The statement that Silverjet expects to be cash generative following the
current financial year is based on operating 5 aircraft and not 3 as stated
by the Daniel Stewart research note.
The Directors remain confident that Silverjet will achieve its first month of
profit before tax in the current financial year ending Mar. 31. Cash flow will
be broadly neutral over the remainder of its current financial year ending Mar.
31, and the business is expected to be cash generative thereafter.
The business continues to trade strongly with 5000 bookings being made last
week and 20% of customers are now repeat bookings.
The airline is in a strong financial position having just raised £22m, £12m
from existing investors and £10m from the Reuben Brothers as well as securing
two new aircraft which will be delivered by March this year.
The new Dubai route is performing ahead of managements expectations.
Silverjet remains very confident that it will continue to deliver on its
strategy and revolutionise the way passengers fly longhaul business profitably.
ICV Edited News from Dow Jones
1807 GMT Jan 14 2008
*Silverjet Claims Analyst Report Innaccurate
*Silverjet Confident Of First Pretax Pft In Yr To Mar 31
Silverjet said today that it notes the research published today by Daniel
Stewart which contains numerous material mistakes and inaccuracies, these
include notably.
Thecurrent average cost per rotation is £75,000 rather than the £135,000 quoted
by the Daniel Stewart research note.
Liability for maintenance of £9.7m is payable over the ten year term of
the lease and not the majority in the current financial year as stated by
the Daniel Stewart research note.
The statement that Silverjet expects to be cash generative following the
current financial year is based on operating 5 aircraft and not 3 as stated
by the Daniel Stewart research note.
The Directors remain confident that Silverjet will achieve its first month of
profit before tax in the current financial year ending Mar. 31. Cash flow will
be broadly neutral over the remainder of its current financial year ending Mar.
31, and the business is expected to be cash generative thereafter.
The business continues to trade strongly with 5000 bookings being made last
week and 20% of customers are now repeat bookings.
The airline is in a strong financial position having just raised £22m, £12m
from existing investors and £10m from the Reuben Brothers as well as securing
two new aircraft which will be delivered by March this year.
The new Dubai route is performing ahead of managements expectations.
Silverjet remains very confident that it will continue to deliver on its
strategy and revolutionise the way passengers fly longhaul business profitably.
ICV Edited News from Dow Jones
1807 GMT Jan 14 2008
Silverjet has got the business model spot on and has legendary customer service - if it can make it through the start-up phase (it should) it has every chance of being successful.
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Better news about Silverjet in The Guardian
It's not all doom and gloom.
Reuters story in The Guardian today ----
Silverjet nearing revenue target, US trade strong
http://www.guardian.co.uk/feedarticle?id=7226332
Reuters story in The Guardian today ----
Silverjet nearing revenue target, US trade strong
http://www.guardian.co.uk/feedarticle?id=7226332
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Sounds familiar.....
Recently, you may have heard—incorrectly—that MAXjet is cancelling flights due to financial issues. Please be assured that we have not cancelled and are not cancelling any MAXjet flights. MAXjet is stronger than ever, with 34 non-stop flights per week between London and the US (New York, Las Vegas and Los Angeles).
We have completed 100% of our scheduled flights and have an on-time performance record of 82% for November and December to date. This is a fantastic record for an international airline. I am confident we will continue to improve on this as we head into 2008.
We take great pride in knowing that we have created a great Business Class product at an incredible value. Customers have responded to our product and the new category we invented. And we continue to receive many awards for our all-business-class product from such prestigious publications as Travel + Leisure and Zagat’s.
In addition, we are continuing to expand our service. We have much in store for you, our customers, in 2008 and I am excited to share the news with you shortly.
If you have any questions or concerns, please do not hesitate to contact us. My team is most happy to answer your questions. Contact us at 1-888-I-FLY-MAX. For more information, please click here for the full press release http://www.maxjet.com/docs/12_10_07_Business_As_Usual.pdf
Bill Stockbridge
CEO and President
MAXjet Airways, Inc.
45025 Aviation Drive, 4th Floor
Dulles, VA 20166
We have completed 100% of our scheduled flights and have an on-time performance record of 82% for November and December to date. This is a fantastic record for an international airline. I am confident we will continue to improve on this as we head into 2008.
We take great pride in knowing that we have created a great Business Class product at an incredible value. Customers have responded to our product and the new category we invented. And we continue to receive many awards for our all-business-class product from such prestigious publications as Travel + Leisure and Zagat’s.
In addition, we are continuing to expand our service. We have much in store for you, our customers, in 2008 and I am excited to share the news with you shortly.
If you have any questions or concerns, please do not hesitate to contact us. My team is most happy to answer your questions. Contact us at 1-888-I-FLY-MAX. For more information, please click here for the full press release http://www.maxjet.com/docs/12_10_07_Business_As_Usual.pdf
Bill Stockbridge
CEO and President
MAXjet Airways, Inc.
45025 Aviation Drive, 4th Floor
Dulles, VA 20166
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Sound familiar?
Recently, you may have heard—incorrectly—that MAXjet is cancelling flights due to financial issues. Please be assured that we have not cancelled and are not cancelling any MAXjet flights. MAXjet is stronger than ever, with 34 non-stop flights per week between London and the US (New York, Las Vegas and Los Angeles).
We have completed 100% of our scheduled flights and have an on-time performance record of 82% for November and December to date. This is a fantastic record for an international airline. I am confident we will continue to improve on this as we head into 2008.
We take great pride in knowing that we have created a great Business Class product at an incredible value. Customers have responded to our product and the new category we invented. And we continue to receive many awards for our all-business-class product from such prestigious publications as Travel + Leisure and Zagat’s.
In addition, we are continuing to expand our service. We have much in store for you, our customers, in 2008 and I am excited to share the news with you shortly.
If you have any questions or concerns, please do not hesitate to contact us. My team is most happy to answer your questions. Contact us at 1-888-I-FLY-MAX. For more information, please click here for the full press release http://www.maxjet.com/docs/12_10_07_Business_As_Usual.pdf
Bill Stockbridge
CEO and President
MAXjet Airways, Inc.
45025 Aviation Drive, 4th Floor
Dulles, VA 20166
We have completed 100% of our scheduled flights and have an on-time performance record of 82% for November and December to date. This is a fantastic record for an international airline. I am confident we will continue to improve on this as we head into 2008.
We take great pride in knowing that we have created a great Business Class product at an incredible value. Customers have responded to our product and the new category we invented. And we continue to receive many awards for our all-business-class product from such prestigious publications as Travel + Leisure and Zagat’s.
In addition, we are continuing to expand our service. We have much in store for you, our customers, in 2008 and I am excited to share the news with you shortly.
If you have any questions or concerns, please do not hesitate to contact us. My team is most happy to answer your questions. Contact us at 1-888-I-FLY-MAX. For more information, please click here for the full press release http://www.maxjet.com/docs/12_10_07_Business_As_Usual.pdf
Bill Stockbridge
CEO and President
MAXjet Airways, Inc.
45025 Aviation Drive, 4th Floor
Dulles, VA 20166
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The Guardian bit is just based on the spin put out by the airline. The lastest prov CAA data shows that pax numbers fell on the Newark route in December compared to November. They must also be carrying lots of free passenegers as the CAA data show 552 more Pax on the two routes than the airlines total revenue seats.
month revenue seats caa newark caa dubai free seats rotatons load
Oct 6,782 7,096 0 314 116 58.2%
Nov 7,459 6,828 1,129 498 135 55.3%
Dec 8,239 6,120 2,671 552 156 52.81%
even if you think everything the management say is true, the loss in December would be over £2 million.
month revenue seats caa newark caa dubai free seats rotatons load
Oct 6,782 7,096 0 314 116 58.2%
Nov 7,459 6,828 1,129 498 135 55.3%
Dec 8,239 6,120 2,671 552 156 52.81%
even if you think everything the management say is true, the loss in December would be over £2 million.
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The Grauniad?! DOH!
And since when did we ever believe anything that was written in "The Grauniad" to be true??!
Abbeville, you just don't seem to want to accept the truth do you? You guys have got to be realistic, it's a busted flush! Nobody wants to see Silverjet (or any other airline fail), but the stats speak for themselves, they are just not carrying enough pax and that's that.
Whichever way you look at it they NEED an 80% (ish) LF to survive and it's only around 55% at best and that's not counting all the discounted staff pax on cheap deals..... or is it?
It was a great idea and a lovely dream, but it obviously has not worked and the investors will soon be cutting their losses. The senior managers of the company need to be careful of their wording describing how they view the company achieving profits going forward or they could be accused of wrongful trading. So far they have been, which is why it has been all spin without any real substance.
Abbeville, you just don't seem to want to accept the truth do you? You guys have got to be realistic, it's a busted flush! Nobody wants to see Silverjet (or any other airline fail), but the stats speak for themselves, they are just not carrying enough pax and that's that.
Whichever way you look at it they NEED an 80% (ish) LF to survive and it's only around 55% at best and that's not counting all the discounted staff pax on cheap deals..... or is it?
It was a great idea and a lovely dream, but it obviously has not worked and the investors will soon be cutting their losses. The senior managers of the company need to be careful of their wording describing how they view the company achieving profits going forward or they could be accused of wrongful trading. So far they have been, which is why it has been all spin without any real substance.
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I hate spin and misuse of carefly selected quotes. The CAA data does not lie. It shows less people are flying Luton to Newark. Silverjet are very careful to say the average fare it Newark is rising but load factors to Dubai are rising. They are very careful not to tell a downright lie but they are not being honest in the impression they are giving.
It is not in anyones interest for the airline not to face up to reality and change its plans. Forward booking large numbers of pax and taking on staff that could be out of work in 4 months time is not good. The airline is being managed to maintain the impression that it is doing great to stop the share price becoming so low that it could not raise more cash.
It is not in anyones interest for the airline not to face up to reality and change its plans. Forward booking large numbers of pax and taking on staff that could be out of work in 4 months time is not good. The airline is being managed to maintain the impression that it is doing great to stop the share price becoming so low that it could not raise more cash.
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Silverjet Shares Rise as Airline Defends Profit Goal (Update3)
Jan. 15 (Bloomberg) -- Silverjet Plc, the business-class
airline that has flown for a year, rose the most in four months
in London trading after sticking to a profit goal and saying an
analyst's contention it will run out of money is inaccurate.
The stock advanced 5.5 pence, or 16 percent, to 41 pence
today, the biggest gain since Sept. 10. Shares of the Luton,
England-based airline fell 28 percent yesterday after Mike
Stoddart, a Daniel Stewart & Co. analyst, said Silverjet's
``business model doesn't work.''
The carrier expects to achieve a first month of pretax
profit in the fiscal year ending March 31 and to remain ``cash
generative'' after that, Silverjet said late yesterday in a
response to an investors note Stoddart wrote. The London-based
analyst is overestimating operating costs, the carrier said.
``Silverjet remains very confident that it will continue to
deliver on its strategy and revolutionize the way passengers fly
long-haul business profitably,'' it said in a statement.
Stoddart, who initiated coverage with a ``sell''
recommendation, said Silverjet will probably run out of money in
the next year because it isn't selling enough tickets to cover
costs. The average cost per round trip is 75,000 pounds
($147,500) rather than the 135,000 pounds cited by the analyst,
Silverjet said.
`A Matter of Fact'
Stoddart said today his cost-base figure ``is a matter of
fact.'' The airline flew 176 round trips in the first half and
operating costs were 23.9 million pounds, resulting in the
135,000-pound figure, he said.
``The shares may bounce today as they point to 5,000
bookings last week and say they will make a pretax profit in
March,'' Stoddart wrote today. The figures will be
``significantly distorted by the very early Easter,'' which this
year falls in mid-March compared with early April in 2007.
The airline offers flights linking London Luton airport with
New York Newark Liberty International Airport and Dubai. The
company began flying in January 2007, offering gourmet meals and
lie-flat beds to compete with network carriers such as British
Airways Plc for lucrative business travelers. The load factor, or
proportion of seats filled, was 52.8 percent in December.
Competitor MAXjet Airways Inc., a business-class carrier
that flew from London to three U.S. cities, filed for bankruptcy
three weeks ago, blaming rising oil costs and competition. A two-
year-old trans-Atlantic rival, Eos, flies between New York's John
F. Kennedy International and London Stansted airports, and plans
to add Newark-Stansted and JFK-Paris flights this year.
Reuben Brothers' Backing
Unlike MAXjet, which failed to find additional financial
backing before it stopped flying and filed for bankruptcy
protection Dec. 24, Silverjet raised money late last year with a
convertible loan from billionaire brothers David and Simon
Reuben.
Silverjet ``is in a strong financial position having just
raised 22 million pounds, 12 million pounds from existing
investors and 10 million pounds from the Reuben brothers, as well
as securing two new aircraft which will be delivered by March
this year,'' Silverjet said.
``The crux of the matter is the cost that each flight has to
cover,'' Douglas McNeill, an analyst at Blue Oar Securities in
London, said in a note to investors today. The 135,000-pound
figure includes some one-time costs, according to McNeill, and
his own estimate is 100,000 pounds per round trip in the current
fiscal year, falling to 75,000 pounds the next.
``True, the load factor will have to increase beyond its
current level if the company is to prosper,'' said McNeill, who
has a ``buy'' recommendation on the shares. ``But progress to
date has been encouraging and the demise of MAXjet should help.''
Jan. 15 (Bloomberg) -- Silverjet Plc, the business-class
airline that has flown for a year, rose the most in four months
in London trading after sticking to a profit goal and saying an
analyst's contention it will run out of money is inaccurate.
The stock advanced 5.5 pence, or 16 percent, to 41 pence
today, the biggest gain since Sept. 10. Shares of the Luton,
England-based airline fell 28 percent yesterday after Mike
Stoddart, a Daniel Stewart & Co. analyst, said Silverjet's
``business model doesn't work.''
The carrier expects to achieve a first month of pretax
profit in the fiscal year ending March 31 and to remain ``cash
generative'' after that, Silverjet said late yesterday in a
response to an investors note Stoddart wrote. The London-based
analyst is overestimating operating costs, the carrier said.
``Silverjet remains very confident that it will continue to
deliver on its strategy and revolutionize the way passengers fly
long-haul business profitably,'' it said in a statement.
Stoddart, who initiated coverage with a ``sell''
recommendation, said Silverjet will probably run out of money in
the next year because it isn't selling enough tickets to cover
costs. The average cost per round trip is 75,000 pounds
($147,500) rather than the 135,000 pounds cited by the analyst,
Silverjet said.
`A Matter of Fact'
Stoddart said today his cost-base figure ``is a matter of
fact.'' The airline flew 176 round trips in the first half and
operating costs were 23.9 million pounds, resulting in the
135,000-pound figure, he said.
``The shares may bounce today as they point to 5,000
bookings last week and say they will make a pretax profit in
March,'' Stoddart wrote today. The figures will be
``significantly distorted by the very early Easter,'' which this
year falls in mid-March compared with early April in 2007.
The airline offers flights linking London Luton airport with
New York Newark Liberty International Airport and Dubai. The
company began flying in January 2007, offering gourmet meals and
lie-flat beds to compete with network carriers such as British
Airways Plc for lucrative business travelers. The load factor, or
proportion of seats filled, was 52.8 percent in December.
Competitor MAXjet Airways Inc., a business-class carrier
that flew from London to three U.S. cities, filed for bankruptcy
three weeks ago, blaming rising oil costs and competition. A two-
year-old trans-Atlantic rival, Eos, flies between New York's John
F. Kennedy International and London Stansted airports, and plans
to add Newark-Stansted and JFK-Paris flights this year.
Reuben Brothers' Backing
Unlike MAXjet, which failed to find additional financial
backing before it stopped flying and filed for bankruptcy
protection Dec. 24, Silverjet raised money late last year with a
convertible loan from billionaire brothers David and Simon
Reuben.
Silverjet ``is in a strong financial position having just
raised 22 million pounds, 12 million pounds from existing
investors and 10 million pounds from the Reuben brothers, as well
as securing two new aircraft which will be delivered by March
this year,'' Silverjet said.
``The crux of the matter is the cost that each flight has to
cover,'' Douglas McNeill, an analyst at Blue Oar Securities in
London, said in a note to investors today. The 135,000-pound
figure includes some one-time costs, according to McNeill, and
his own estimate is 100,000 pounds per round trip in the current
fiscal year, falling to 75,000 pounds the next.
``True, the load factor will have to increase beyond its
current level if the company is to prosper,'' said McNeill, who
has a ``buy'' recommendation on the shares. ``But progress to
date has been encouraging and the demise of MAXjet should help.''
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Silverjet Flying High
BEFREE you clearly have an agenda against Silverjet.
Everything you post both here and in investor forums is negative and highly specific to Silverjet. Daniel Stewart are in disarray as a brokerage. See the resignations.
Why have you not posted the BUY advise from 2 brokers yesterday who value Silverjet at currently 1.30 per share !!
Do you really think people such as the Ruebens would invest in a pup ??
Move on man !
Everything you post both here and in investor forums is negative and highly specific to Silverjet. Daniel Stewart are in disarray as a brokerage. See the resignations.
Why have you not posted the BUY advise from 2 brokers yesterday who value Silverjet at currently 1.30 per share !!
Do you really think people such as the Ruebens would invest in a pup ??
Move on man !
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Gentlemen surely there is no need for this 'handbags' exchange. I am sure those of us in the industry wish the company well and hope for their survival which is important for the staff and also LTN. There is no doubt that these routes will get even more difficult in the next 2 years. It is unfortunate that the press do put companies down and can cause problems in confidence but how often should anyone take notice of the 'experts' some of which probably are similar to those working for the Northern Rock.
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Why have you not posted the BUY advise from 2 brokers yesterday who value Silverjet at currently 1.30 per share !!
Passengers numbers on the Newark route have been falling. They are only running 1 rotation on this route in the last 2 weeks of Feb. The messages from the firm sound very much like those from Maxjet 4 weeks ago. The january sale and offers to the industry will inflate the load factor but the airline is not likely to cover its costs.
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Befree.....are you one of those whom Silverjet refused a position for or has someone burned your fingers over them....
or could it be that you have nothing better to do with your time than spout unsubstantiated rubbish about a number if issues. I have looked at your posts overall & you obviously have no life as you constantly post on a number if forums throughout the day....
Either you are a well informed industry leader with a massive amount of experience & information at hand or someone with nothing better to do with their time than spending it posting opinions that I would hazard are based on a limited exposure to the subjects you post about........
Do all of us a favour & get a life.........or some real experience in the aviation industry
or could it be that you have nothing better to do with your time than spout unsubstantiated rubbish about a number if issues. I have looked at your posts overall & you obviously have no life as you constantly post on a number if forums throughout the day....
Either you are a well informed industry leader with a massive amount of experience & information at hand or someone with nothing better to do with their time than spending it posting opinions that I would hazard are based on a limited exposure to the subjects you post about........
Do all of us a favour & get a life.........or some real experience in the aviation industry
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They are only running 1 rotation on this route in the last 2 weeks of Feb.