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Monarch - 3

Old 7th Oct 2016, 15:03
  #3801 (permalink)  
 
Join Date: Jun 2003
Location: UK
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Originally Posted by Copenhagen
The sterling devaluation also killed EZY profits,
Originally Posted by HeartyMeatballs
They still made close to a half billion in profits
Originally Posted by Brigantee
Half a billion? Thought it was around 40 million
Estimated £490m to £495m.

https://www.theguardian.com/business...rdinary-events

Though you may be confusing Monarch and eJ at this point.
HundredPercentPlease is offline  
Old 7th Oct 2016, 18:37
  #3802 (permalink)  
 
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HH, You've previously said that you wouldn't like Monarch to go bust. It certainly doesn't sound like it, or it at least it sounds like you'd enjoy it to play out like some knife-edge, high tension drama. Hundreds and hundreds of people's livelihoods are tied up in all this and everyone is aware what could possibly happen. So why don't you just get a life, stop the doom and gloom speculation and wait and see what happens.
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Old 7th Oct 2016, 18:58
  #3803 (permalink)  
 
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Brexit is no doubt a factor in easyJets reduced profitability, but not the whole story by a long way, they have also lost load factor, LGW delays, French ATC, Sharm the list goes on add terror attacks in France, Turkey and boat people in the Greek Islands, pick what every you like, having said that these issues affect many airlines, meanwhile Ryanair and Norwegian are showing volume growth and increased load factor.

EasyJets cost base is I suspect higher than either of the above
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Old 7th Oct 2016, 19:24
  #3804 (permalink)  
 
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Ryanair and Norwegian are less dependant on the pound (Ryanair € and Norwegian NOK/€), with Monarch and easyJet more pound based (hence why it is likely to hit them more).

The current devolution of the pound has highlighted the need to keeps costs down and that will be a challenge for whoever takes over Monarch.
toledoashley is offline  
Old 7th Oct 2016, 20:27
  #3805 (permalink)  
 
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Monarch are dependent on the £ because most of their pax pay in £ yet some of their costs are in dollars (Fuel) or Euros (handling, nav charges, etc).
EasyJet on the other hand have a huge euro revenue, so are less exposed to sterling weakness.
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Old 7th Oct 2016, 22:05
  #3806 (permalink)  
 
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Well said Saxon , HH does seem to be getting off on the whole drama .

As you say its peoples livelihoods at stake .
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Old 8th Oct 2016, 00:32
  #3807 (permalink)  
 
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Aircraft leases, fuel, overseas handling, nav charges and overseas staffing are up to 20% more expensive then they were a year ago, just because of brexit uncertainty.

I would bet that 90% + of ZB revenue is in GBP.
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Old 8th Oct 2016, 10:57
  #3808 (permalink)  
 
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Just trying to add a bit of realism - and it IS a high tension drama - they only have a very limited time to come up with the cash. History shows that some companies make it and some don't.... but sitting with your hands over your ears and hoping it will all go away isn't a very wise option TBH

I've been in a couple of companies that have hit the wall and I wouldn't wish it on anyone. The personal anguish and disruption are really horrible

I've flown on Monarch reasonably often and have always thought they were at the better end of the spectrum for what it's worth. It would be terrible shame to lose them.
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Old 8th Oct 2016, 11:17
  #3809 (permalink)  
 
Join Date: Oct 2012
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Why the silence

Hi

I am sure that Monarch would not make any announcements while discussions are ongoing and will only say something when everything is signed, sealed and delivered. I would not read anything in to the fact that there has not been any announcements so far. Hope things are going on OK
Malchester is offline  
Old 8th Oct 2016, 11:54
  #3810 (permalink)  
 
Join Date: Jul 2005
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I guess part of the reason for the silence is that Monarch's press release about the temporary extension was worded carefully so as to have the effect that someone who didn't know about the issues would think it was saying that the problem was permanently resolved.
01475 is offline  
Old 8th Oct 2016, 11:58
  #3811 (permalink)  
 
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I'd have to side with HH here, a hint of realism is what is necessary.

I don't believe any professional pilot would wish for any airline to go down the swanny, even if that airline is in direct competition with the one we work for. Having been there, as many many of us have, some on more that one or two occasions we wouldn't wish it on anybody. There was a supposed investor standing in the wings when the airline that I worked for went under, sadly the investment didn't materialise despite the promises.
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Old 8th Oct 2016, 12:23
  #3812 (permalink)  
 
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You must have read a different pres realease than i did , The one i read stated clearly the licence had been extended until the 12th when they expected it to be renewed
Brigantee is offline  
Old 8th Oct 2016, 13:19
  #3813 (permalink)  
 
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Breaking news on Sky. £160m investment by shareholders to be announced on Wednesday. Included in announcement is a deal with Boeing to sell and lease back the 45 new a/c they have on order that will free up significant additional funds ?? Typical shallow depth of knowledge from the press, so that Boeing deal as they described it made little sense, Wednesday should reveal more.
eggc is offline  
Old 8th Oct 2016, 13:35
  #3814 (permalink)  
 
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See SKY News, Monarch seem to have had help from Boeing Reporter not quite clear of the facts at this time
CSman is offline  
Old 8th Oct 2016, 14:59
  #3815 (permalink)  
 
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Boeing flies to Monarch's rescue with restructured fleet deal
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Old 8th Oct 2016, 15:15
  #3816 (permalink)  
 
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More old news rehashed by the press?
Brigantee is offline  
Old 8th Oct 2016, 15:20
  #3817 (permalink)  
 
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Only part of the story i guess , Sky just recycling news
Brigantee is offline  
Old 8th Oct 2016, 15:23
  #3818 (permalink)  
 
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Originally Posted by Brigantee View Post
You must have read a different pres realease than i did , The one i read stated clearly the licence had been extended until the 12th when they expected it to be renewed
Apparently I did, and the one I saw is what they're giving customers;

http://blog.monarch.co.uk/monarch-reaches-atol-licence-agreement-and-secures-funding/

Monarch reaches ATOL licence agreement and secures funding

(Luton, UK – 30 September 2016) Monarch has successfully concluded discussions with the Civil Aviation Authority (“CAA”) to extend its ATOL licence, for which it thanks the CAA. The company has also received significant further investment from shareholders and is close to announcing the largest investment in its 48-year history.

Monarch continues to fly and looks forward to welcoming customers on board.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented:

“I am delighted that we have been able to come to an agreement with the CAA on the extension of Monarch’s ATOL licence and am excited about the additional capital coming into the group which will help us fund our future growth. I am immensely proud of the professionalism of the Monarch team.”
It's not dishonest, but it wouldn't be read by a customer to take the correct understanding of the situation.
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Old 8th Oct 2016, 15:32
  #3819 (permalink)  
 
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The current situation is the CAA have extended their current licence ....Which is what it states , How could that be construed as dishonest ?
Brigantee is offline  
Old 8th Oct 2016, 15:41
  #3820 (permalink)  
 
Join Date: Apr 2003
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Depends what you mean by dishonest, but certainly incomplete - I don't see any mention of 12 days?

The CAA statement is below (my underlining)


CAA statement on the extension of Monarch ATOL licences (30 September 2016)

The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016.


“The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016. The CAA was able to do this by requiring the shareholder to provide additional funding and because customers' money will be protected.

Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full ATOL licence. Monarch will remain ATOL licensed until this extension expires.

“The CAA always advises consumers to ensure they book ATOL-protected air holidays and consumers who choose to book an ATOL-protected flight or holiday with the company during this time will continue to be protected by the ATOL scheme.

“During this period of extension, the CAA will continue to monitor the company.”

https://www.caa.co.uk/News/CAA-state...ptember-2016)/
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