Originally Posted by TOM100
(Post 10858336)
Doesn’t change the reality though the airport is not looking viable......in the short/medium term. Guess Spencer running this ‘arms length commercial’ organisation will be hoping the WG have patience....,,
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Originally Posted by TOM100
(Post 10858336)
Doesn’t change the reality though the airport is not looking viable......in the short/medium term. Guess Spencer running this ‘arms length commercial’ organisation will be hoping the WG have patience....,,
|
Originally Posted by TOM100
(Post 10858371)
so let’s forget the charade of this being a commercial ‘arms length’ organisation - it isn’t. What happens through the winter ? More taxpayers money thrown at it ?
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This is utter , utter madness. The new finance director is on an advertised salary of between £85- £90,000 per annum plus an £8k car allowance.
I really despair how this is justified. |
Originally Posted by supermarine
(Post 10859016)
This is utter , utter madness. The new finance director is on an advertised salary of between £85- £90,000 per annum plus an £8k car allowance.
I really despair how this is justified. |
Originally Posted by supermarine
(Post 10859016)
This is utter , utter madness. The new finance director is on an advertised salary of between £85- £90,000 per annum plus an £8k car allowance.
I really despair how this is justified. Would be interesting to know what the finance director at Bristol is on! |
Originally Posted by PDXCWL45
(Post 10859055)
I believe that the average pay for a finance director is £72000, a lot of companies will have thing's like commision and bonuses and share schemes and profit sharing schemes. So it's probable all the latter have been averaged out and added on to his salary.
Would be interesting to know what the finance director at Bristol is on! |
Originally Posted by BHX5DME
(Post 10859065)
I would say that was very cheap for an FD !
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Originally Posted by BHX5DME
(Post 10859065)
I would say that was very cheap for an FD !
The problem is that some people have no idea about salaries in management position, and frankly if Cardiff Airport has picked up an FD so cheaply, I just hope they're up to the job. |
Originally Posted by PDXCWL45
(Post 10859070)
It is a company that had a £20.8 million turnover for 2018-19.
I feel if the public purse was not propping up the business, then this position is not tenable for the foreseeable future , there is not enough work for a Financial Director per se. |
Originally Posted by supermarine
(Post 10859109)
Two departures today as opposed to 30 exactly a year ago. The airport is truly up against the wall and will be for a long time to come. This appointment would have been acceptable last year ,
I feel if the public purse was not propping up the business, then this position is not tenable for the foreseeable future , there is not enough work for a Financial Director per se. |
Originally Posted by JSCL
(Post 10859127)
I agree that it is most unusual. Given the airport is owned by the Welsh Government, I would have expected this role and associated duties to have been soaked in to centralised teams. It's very unusual I'd say for them to have a direct appointment, unless they're gearing it up for private sale of course.
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Originally Posted by supermarine
(Post 10859109)
Two departures today as opposed to 30 exactly a year ago. The airport is truly up against the wall and will be for a long time to come. This appointment would have been acceptable last year ,
I feel if the public purse was not propping up the business, then this position is not tenable for the foreseeable future , there is not enough work for a Financial Director per se. You also need to realise that the company isn't just Cardiff Airport its also St Athan airfield and it's business park as well. As for departures Exeter has 3 today, Norwich 2, Bournemouth 3, Southampton 8, Newquay 2 or 5 depends on Skybus, LBA 9, NCL 14 and DSA 10 according to FR24 most a lot lower than last year so CWL is not alone and yes will no doubt take a longer to recover than most of those airports. |
Are you really blaming the airport management for Flybe and Thomas Cook collapse and a global pandemic? |
Originally Posted by SWBKCB
(Post 10859171)
No, but there is a link between airport performance and the impact of weak airlines going under.
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PDX - u are a tad delusional. How can you say this is a commercial arm when it is being propped up left, right and centre by the WG ? The current management structure and costs is a joke. Please tell me how this ‘commercial’ organisation is reducing costs (permanently) and funding itself in the wake of a two thirds plus slump in business ? If I were a ‘commercial’ owner I would be seeking buyers to build Barrett or Wimpey homes (in the absence of any viable or public plans to at least make the business cash flow neutral) to realise an asset. the airport seems devoid of any strategy except the begging bowl to the WG !
i would be interested to hear your plans and thoughts to stop the airport burning cash in the next 2-4 years and a comparable ‘commercial’ business that would/could sustain such losses with little or no liquidity ? maybe you know different to us how ‘commercial’ businesses are run....., isnt this supposed to be a business, not a plane spotters project ? Controversial ? Just stating the facts... |
Originally Posted by PDXCWL45
(Post 10859146)
And we know why. Are you really blaming the airport management for Flybe and Thomas Cook collapse and a global pandemic?
You also need to realise that the company isn't just Cardiff Airport its also St Athan airfield and it's business park as well. As for departures Exeter has 3 today, Norwich 2, Bournemouth 3, Southampton 8, Newquay 2 or 5 depends on Skybus, LBA 9, NCL 14 and DSA 10 according to FR24 most a lot lower than last year so CWL is not alone and yes will no doubt take a longer to recover than most of those airports. |
Originally Posted by runway30
(Post 10859223)
I cannot agree with this. If I was signing a ten year deal that involved me supporting the airline (Flybe) for the beginning of the contract and make my profits at the end of the contract I would want to know what the strategy was for the airline for the next ten years including fleet planning and the resilience of the balance sheet to make sure that I could collect from them at the end of the contract. I don’t know whether they asked the question but they certainly didn’t get the answer.
I would expect the BRS FD to earn a lot more - a highly profitable business, run on true commercial reality with a substantially higher turnover. A £20m t/o business is a small business ! when I see a business plan to drastically take out cost with a coherent plan for the future I will get behind them -,whilst just relying on the Welsh taxpayer to subsidise them I will fight tooth and nail via my AM/FM/MP to hold them to account and their feet to the fire. |
Just out of interest, I include an extract from a letter from the Government to the Senedd Public Accounts Committee.
‘In terms of the recently agreed extended commercial loan facility, I would like to reassure the Committee that a range of downside scenario models were included within the financial due diligence which informed our decision to award the loan – these scenarios included a “catastrophic event” resulting in significantly reduced traffic for an extended period, and a significant operator stopping its operations at CIAL.’ It shows that the Government were happy to lend on commercial terms even in the circumstances that we know find ourselves in. |
Originally Posted by runway30
(Post 10859238)
Just out of interest, I include an extract from a letter from the Government to the Senedd Public Accounts Committee.
‘In terms of the recently agreed extended commercial loan facility, I would like to reassure the Committee that a range of downside scenario models were included within the financial due diligence which informed our decision to award the loan – these scenarios included a “catastrophic event” resulting in significantly reduced traffic for an extended period, and a significant operator stopping its operations at CIAL.’ It shows that the Government were happy to lend on commercial terms even in the circumstances that we know find ourselves in. |
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