SOUTHEND 5
Join Date: Jun 2009
Location: UK
Posts: 546
Likes: 0
Received 0 Likes
on
0 Posts
Results
A quick read of the published results show that Aviation revenue is down 3.2%. Loss this year for Aviation is £1.8m which is an improvement on last year's loss stated as £2.6m. However the loss grows to £3m when £1.2m of New Business and Contract Set Up costs are included for Southend Airport.
Given that the year end results report that both (maybe they are the same?) Stobart Air and Proprius (airline leasing company) were profitable during the period and returned cash to the group, we can only assume that the airport is severely under water still.
Strange then that the local rag, the Echo, celebrates the airport delivering a bumper profit this year! I'm guessing Tinkler has been treating the hacks to a glass or two of something stronger than fizzy water...
Given that the year end results report that both (maybe they are the same?) Stobart Air and Proprius (airline leasing company) were profitable during the period and returned cash to the group, we can only assume that the airport is severely under water still.
Strange then that the local rag, the Echo, celebrates the airport delivering a bumper profit this year! I'm guessing Tinkler has been treating the hacks to a glass or two of something stronger than fizzy water...
Join Date: Apr 2016
Location: Essex
Posts: 1,231
Likes: 0
Received 0 Likes
on
0 Posts
Stobart Results
Like all companies, Stobart put the best gloss on their results and their predictions for the future must always be treated with caution. However, as a listed company Stobart cannot simply throw out numbers such as 2.5 million pax by 2018 without there being some realistic prospect of something approaching that materializing. Should SEN continue to bumble along at current pax levels then investors would be entitled to seek serious answers and demand action.
To achieve the predicted growth in such a short space of time will take significant input from one or more major players. Something must be going on. I believe EZY must be a factor in this plus ??? Any ideas? I for one will be watching closely.
To achieve the predicted growth in such a short space of time will take significant input from one or more major players. Something must be going on. I believe EZY must be a factor in this plus ??? Any ideas? I for one will be watching closely.
Join Date: Jan 2008
Location: Luxembourg
Posts: 791
Likes: 0
Received 0 Likes
on
0 Posts
DC3 Dave
Stobarts knew that 2016 would be a flat year, so maybe, just maybe, EZY were able to promise a 4th aircraft to be based 2017/18, but that would not enable the growth to 2.5 million by 2018. I agree it would be irresponsible for the management to mislead theirshareholders on any big scale. I also think it wrong to tell everybody that they are hoping to attract Wizzair, not to take them away from Luton, but because two or three destinations might just work from SEN like EZY's Krakow service did. Does Stobart have a second ATR they could base and operate to 3 new destinations like Ostend, Guernsey or Strasbourg to suggest just a few. Other than that I cannot see anythingelse on the horizon, but we can only hope.
Stobarts knew that 2016 would be a flat year, so maybe, just maybe, EZY were able to promise a 4th aircraft to be based 2017/18, but that would not enable the growth to 2.5 million by 2018. I agree it would be irresponsible for the management to mislead theirshareholders on any big scale. I also think it wrong to tell everybody that they are hoping to attract Wizzair, not to take them away from Luton, but because two or three destinations might just work from SEN like EZY's Krakow service did. Does Stobart have a second ATR they could base and operate to 3 new destinations like Ostend, Guernsey or Strasbourg to suggest just a few. Other than that I cannot see anythingelse on the horizon, but we can only hope.
The problem is that in doing so they've made a rod for their own backs. People with an interest - institutional shareholders, brokers, analysts etc will remember that figure and measure future progress against it. If in two years time the passenger numbers haven't significantly improved, Tinkler et al will have a deepening credibility problem and sentiment will start moving against Stobart Group.
Join Date: Jul 2002
Location: In the sticks
Posts: 9,847
Likes: 0
Received 0 Likes
on
0 Posts
Stobarts knew that 2016 would be a flat year
Objectives for 2015
Secure another significant airline operator, strengthen the airport’s route
network and further develop its profile.
Secure another significant airline operator, strengthen the airport’s route
network and further develop its profile.
Join Date: Mar 2013
Location: Essex
Age: 63
Posts: 147
Likes: 0
Received 0 Likes
on
0 Posts
According to the recent Echo article (6 days ago) -the new service(s) are not due to start until Monday (tomorrow). Source - Echo website archive. Also - the SEN website states services start from 23 May. Wait and see what happens tomorrow I guess????
Join Date: Mar 2013
Location: Essex
Age: 63
Posts: 147
Likes: 0
Received 0 Likes
on
0 Posts
Well - it does give us SOMETHING to talk about on the SEN thread? I was sad to see that the landside coffee bar now seems to be closed in the afternoons and that the railway station toilets are closed at weekends due to "persistent vandalism". I just hope that we soon learn about where the extra passengers are to come from to head towards that 2.5m target. Surely news must come soon?
Join Date: Mar 2013
Location: Essex
Age: 63
Posts: 147
Likes: 0
Received 0 Likes
on
0 Posts
And - by the way - if Sea-Air DOES operate this week - then may I be the first to wish them every success. And if they do not - then c'est la vie. Life goes on.
As an aside - I am off to Amsterdam early next month and it will be SEN and EZY all the way. STN / LTN /GAT -forget them all!! Who are you??
As an aside - I am off to Amsterdam early next month and it will be SEN and EZY all the way. STN / LTN /GAT -forget them all!! Who are you??
Join Date: Jul 2002
Location: In the sticks
Posts: 9,847
Likes: 0
Received 0 Likes
on
0 Posts
The story is a few days old Airport company's profits soar - but passengers dive (From Echo) but I want to comment on this comment.
Seems to imply that the airport have cut their charges to Easyjet or am I reading this wrong?
Mr Tinkler said: “As expected, passenger numbers at London Southend Airport were lower than prior years, as we worked with EasyJet under a new long-term contract to enhance load factors and yields with a view to growing volumes again in the near future.
Perhaps I'm being overly negative but I imagine that much of the construction of the new terminal and facilities was paid for by borrowing money from one or more banks. In project finance facilities the borrower sometimes has low repayments in the first year or so, but afterwards banks will want to see the borrower meeting the agreed loan repayment schedule. Furthermore there will be various covenants demanded by the bank prior to lending which ensure the borrower remains in good financial health based on published audited accounts.
Which company carries the debt for SEN's construction (cost was over £100m) and is there any concern about said company's financial health and ability to meet loan repayments in full and on time ?
Banks may be more forgiving if there are very clear prospects for the immediate future but I can't see any new airlines signing up to open a SEN base.
Which company carries the debt for SEN's construction (cost was over £100m) and is there any concern about said company's financial health and ability to meet loan repayments in full and on time ?
Banks may be more forgiving if there are very clear prospects for the immediate future but I can't see any new airlines signing up to open a SEN base.
Join Date: Jul 2002
Location: In the sticks
Posts: 9,847
Likes: 0
Received 0 Likes
on
0 Posts
This from last year, anyone see a pattern here
Croatia's Newest Airline: Sea Air Finally Flies Out of Osijek
Croatia's Newest Airline: Sea Air Finally Flies Out of Osijek
Today's flight took place against a backdrop of five delayed launches, causing Osijek Airport to issue a strongly-worded statement last week:
“Sea Air’s actions have created big problems for us, as we were unable to fulfil projects with other companies in order to allow the airline to base an aircraft and hire at least ten staff. As a result, we no longer support this project”.
“Sea Air’s actions have created big problems for us, as we were unable to fulfil projects with other companies in order to allow the airline to base an aircraft and hire at least ten staff. As a result, we no longer support this project”.
Join Date: Apr 2016
Location: Essex
Posts: 1,231
Likes: 0
Received 0 Likes
on
0 Posts
Sea Air Watch (Surely I've got better things to do)
There's some good news and some bad news: Tomorrows 1800 flight is no longer available; but for early risers the 0730 can still be booked.
2040: Sea Air still on SEN website and 1 flight at 0730 tomorrow still available. Can't take anymore. Going to bed soon - don't think I'll be able to sleep.
2040: Sea Air still on SEN website and 1 flight at 0730 tomorrow still available. Can't take anymore. Going to bed soon - don't think I'll be able to sleep.
Last edited by DC3 Dave; 23rd May 2016 at 19:43. Reason: Going to bed soon