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Monarch - 3

Old 13th Jun 2015, 21:48
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G-Monk

for gods sake show some respect. Nk served Monarch for 27 years, far longer than the tedious 737's they have on order are likely to do. She deserved better. Iceland went back on the deal to keep her flying having made Monarch spend on her and she is - was - in better condition than most aircraft half her age. Monarch made a BIG mistake NK and her sisters paid for it. In blood.
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Old 13th Jun 2015, 22:00
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Chillout, you're going to give yourself a coronary!

G-MONK may have served Monarch well, but it is only a machine, it is not alive like Johnny Five!

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Old 15th Jun 2015, 15:12
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The 75's have been amazing for Monarch, they could go anywhere when they were needed, I don't think anything else will be as good as those.
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Old 15th Jun 2015, 16:29
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The 75's have been amazing for Monarch, they could go anywhere when they were needed, I don't think anything else will be as good as those.
Well no, it had less range than the B767, the B777, the B747, the B787 etc etc
They were amazing when they were replacing Tridents in 1983, less so now.
Wow that was 32 years ago (!)
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Old 15th Jun 2015, 18:59
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The 757 has been amazing for Monarch.

They, obviously, don't have the range of the other named Boeings.

They are becoming a dinosaur, as is the case with most other operators in the world, due to fuel burn and, more than likely, increasing fuel costs in years to come.

The Monarch 757s have seen far more corners of the world than almost any other contemporary airliner.
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Old 16th Jun 2015, 06:59
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Perhaps it's a good thing that there isn't a 757 on any dating websites - I could see her getting more than one proposal - especially if she was wearing a fetching black and gold dress!!!
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Old 16th Jun 2015, 09:21
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Yes, she's tall, slim and has a timeless elegance that means she'll never grow old.
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Old 16th Jun 2015, 17:15
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Then when you have had enough of her you can cut her into little pieces! Sounds like the perfect spouse to me.
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Old 16th Jun 2015, 23:28
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Been Announced that the A320 that is leased from Air Malta that was due to run out in November will be having it's lease extended. Another A320, G-MRJK will be leaving the fleet instead:
Monarch Airlines Fleet List
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Old 17th Jun 2015, 08:57
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Greybull takeover/pensions etc.

Monarch results show ?material uncertainty? | News | Travel Trade Gazette
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Old 17th Jun 2015, 09:36
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Absolutely shocking numbers, especially the pay-offs to the idiots that took them to the brink in the first place. You couldn't make it up.
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Old 17th Jun 2015, 10:22
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That TTG link doesnt work
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Old 17th Jun 2015, 10:32
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TTG

TTG keep pulling the link so here is the script less pics ....




Monarch’s auditor has flagged the viability of the business, warning that there remains a “material uncertainty” about the company’s ability to continue as a going concern, TTG has learned.


Monarch Holdings Limited’s accounts for the year ending October 31, 2014 were released at Companies House last weekend, documenting the full extent of its “annus horribilis” for the first time.


They show that the company made an operating loss before exceptional items of 94 million during this period, although turnover actually increased by 3.5% to 990 million.


The auditor’s report, dated May 20, 2015, also includes an “emphasis of matter” which states that “if reasonably possible reductions in trading occur, [the group] may require additional funding from shareholders if additional external financing cannot be secured”.


It adds: “Although the directors expect that these facilities and additional funding will be provided, the nature of these arrangements indicate the existence of a material uncertainty which may cast significant doubt about the group and company’s ability to continue as a going concern.”


Monarch said it expects to make an operating profit in its current financial year but that if trading deteriorates there is the possibility of “external financing opportunities” and also the support of the ultimate shareholders. Even though the arrangements in place are not “legally binding”, Monarch has a “reasonable expectation” that they will be available for the “foreseeable future” and has therefore continued to “adopt the going concern basis of accounting”.


“Controlling parties”



According to the accounts Monarch’s “controlling party” is the Channel Island-based Petrol Jersey Limited. The controlling parties of this company are: Marc and Nathaniel Meyohas; the Serimnir Fund; and The Oden Trust.


Elsewhere, the accounts reveal that the company benefited to the tune of 160.9 million from the settlement of its pension liability and its transfer to a new company. The total pre-tax loss was 57 million.


Monarch Airlines made a 206.2 million pre-tax loss.


In the accounts, Monarch blamed this on “weak consumer demand and increased capacity in the market” as well as a number of exceptional items.


Airline load factor dropped by 6.5 percentage points to 80.6%, while revenue per seat fell 6.8% to 86.49.


The tour operating division made a profit, albeit a smaller one than in 2013, of 1.7 million.


The accounts additionally show Monarch had to pay out compensation totalling 534,000 for directors’ “loss of office”.


The highest paid director was handed a 385,000 payout and took home a 1.5 million remuneration package, although the accounts do not specify who this was.


Monarch’s financial troubles were well documented last summer with the company’s Atol renewal application going down to the wire.


It was rescued by investment firm Greybull Capital after previous owners the Mantegazza family decided they wanted to sell up.


Monarch’s former chief executive Iain Rawlinson stepped down last July and new boss Andrew Swaffield embarked on an ambitious plan to turn the company into a scheduled low-cost European airline over the summer.


He has had some success, with the company announcing it had cut its losses over the traditionally quiet winter months.


TTG approached Monarch, but the company declined to comment.
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Old 17th Jun 2015, 11:11
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So no mention of Greybull, but seems it is now controlled by a firm, formed on the 31st March 2014 and based in the Channel Islands....beginning to make the Mantagazzas`look transparent I fear
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Old 17th Jun 2015, 11:43
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These figures are to all intents and purposes history - documenting the situation that lead to the former owners jumping ship, and Greybull injecting cash.

I would suggest that we will really learn whether or not Monarch is viable later this year when the fruits of the new management teams' labours should become evident, or indeed, perish the thought - do not produce the required crop of fruit.
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Old 17th Jun 2015, 16:37
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These figures are to all intents and purposes history
... apart from flagging that the new regime may need more cash
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Old 17th Jun 2015, 19:30
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I do not think that the new owners went into this thinking that it would be simple and all of the intrinsic problems would disappear when a contract was signed.
The previous owners ran it into the ground so that they could escape the pension liability and are probably very cross that somebody saw that the group actually had some value.
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Old 30th Jun 2015, 18:51
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Summer 2016 on sale
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Old 30th Jun 2015, 20:22
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MKY661 Summer 2016 on sale
Any increases or decreases shown from the half released S16 sched?
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Old 30th Jun 2015, 20:45
  #2880 (permalink)  
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Any increases or decreases shown from the half released S16 sched?
Enfidha appears to be dropped, but that may not be bookable at this current time for obvious reasons.

Quick scan of flights to AGP & ALC look like there are quite a few!

I also see new flight numbers for the morning MAN-BCN flight, changing from ZB516/7 to ZB512/3. The afternoon flight will now take these numbers

Flight numbers will also change for the MAN-AGP flights. Morning flights will become ZB652/3 and afternoon will be ZB654/5. ZB660/1 will be dropped by the looks of things. Those of you who look closely will be able to see where the last part of my username has come from

On a side note, MAN-FDH will not operate this winter.

Edit: OK it seems a lot of flight numbers will be changing slightly next summer
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