Silverjet Pay And T&c's [Archive]

1.6vs

27th Sep 2007, 14:09

Here is the interview: what makes a great captain? what would you do if two pax kicking off? what would you do if ccm reports drunk. what would you do if copilot wants to descend below msa in imc to make -"visual app" ? have you had a problem with sccm and how was it resolved? is there anything in your past that if came to light would embarass you or s/jet? what weeknesses do you have? what can you offer s/jet? What will the altimeter read at isa-34? what provides the most efficient decel at high speed -spoilers, brakes or thrust reversers?What cabin alt does outflow valve close?
what alt do you get cabin alt horn ? what is the holding speed at >14000?When does the net take off flight path end? T&C,s 4 to 5 trips per month,
3rd a/c march 08,capt /77k. flt pay £2.70 -ish p/hr, LOL, private health/ Twice salary death in service. medical / licence etc. poss cash flow problems, finance director resigned yesterday allegedly. make your own mind up. not my cup of tea though.

stansdead

28th Sep 2007, 14:40

IMHO I fear for their future.

I just get a feeling they do not have enough cash to survive any more mishaps.

flybe.com

30th Sep 2007, 01:45

What will the altimeter read at isa-34?

Without turning this into a tech forum topic, there is no definite figurative answer to the question above right? All you can say is that the altimeter will overread by 14%.

wee one

1st Oct 2007, 16:45

What is it about these companies and these isa temp questions. Guess work and rules of thumb will get you in the dock faster than you can say " fair cop officer".

Above tl thats why we are all on std setting 1013.2 etc. Below transition , and not under radar there are specific tables or similar in your part a or similar. Thats what the questions should focus on.

There is no room for rules of thumb in this litiguous society. What next personalised qrhs based on titbits from your atpl books....I despair

Cloud Bunny

7th Nov 2007, 10:31

Just to bring this one back to the top - has anyone got any info regarding the payscales for FO's? Things seem to be picking up, might be worth a punt if the money's right.
Cheers.

FlyingOW

8th Nov 2007, 02:59

Any FOs out there wish to shed some light on basic pay/flight pay/ typical rosters?......Noticed that they added DXB to their destinations, any more to come in 2008? Current 763ER FO, >2000 hrs on type, worth giving it a go some time next year, assuming they will still be expanding?

Cheers,

OW

Banzai Eagle

8th Nov 2007, 16:47

Flying OW
Heard a lot sitting around doing nothing so not sure why no-ones replied .
Had a recuitment programme recently for March starters, quiet a few from XL applied. Friend of mine XL TRE applied for line position, had recommnedation of Chief Trainer but not offered a job. Going to UKIA instead

Cloud Bunny

9th Nov 2007, 10:19

Surely there must be someone from Silverjet who can shed some light on the package for FO's?? Also thinking of giving it a punt next year (not of FlyingOW's experience but would be ATPL with 1500+ on jets) if it suits. I'm searching around for info and keep drawing blanks.
Constant Speed DU did they not tell you anything at your interview?
Cheers for any info guys, much appreciated.

FlyingOW

9th Nov 2007, 15:14

Banzai Eagle,

Thanks for the info, I find it kind of strange for them to be advertising for positions if they have people sitting around, not a good sign? Was your TRE friend the wrong end of 50?...

Can someone share some more info regarding pay etc for FOs? Command prospects etc? Expansion plans?

Cheers,

OW

Banzai Eagle

9th Nov 2007, 16:46

Flying OW - more like crews being trained up for expansion so as many sectors
as possible are training sectors, once checked out good chance of sitting around on sby etc. Maybe SJET crews are above and beyond PPrune as happy there?
TRE no - 40 something

LeavinonaJetplane

13th Jan 2008, 21:00

friend is going for interview there in a couple of weeks as they are looking for experienced F/Os good pay as they hiked it up late last year. Good T&Cs and looking to impove on them again shortly. Only got in contact with him on here should have a post a bout it. Alot of ppl are applying i have heard theres a lot of talk on here about them failing but is all a bit sceptical like we are in in this industry! Have spoken to pilots from XL, DHL and tfly who have joined and enjoying it esp since DBX launch and this year looks good with San Fran and LA on the horizon.

Fly4Fun

13th Jan 2008, 21:42

Do they take non type rated captains?

Cheers

brit bus driver

14th Jan 2008, 05:30

Type Rating required, according to the website.

http://www.flysilverjet.com/Flight-crew-airline-pilots.aspx

stansdead

14th Jan 2008, 08:17

As much as I think it would be a nice outfit, with quick upgrade potential, there is NO WAY that I would ever go there.

IMHO Silverjet will not exist by the end of the year.

All the signs are there already. They have no positive cashflow and in order to expand will have to go begging for more money from investors.

Oil prices will remain stubbornly high for good and the business model has not catered for $100 barrels of oil. It is predicated on $60 a barrel more likely.

The leisure market will take a downturn this year. USA is in/near to being in recession. Luxury leisure travellers are being squeezed by inflation back here and relatively high interest rates. The feel good factor of house price rises (hence wealth) is dwindling fast over here as well. All these things add up to more doubt over the business only model.

True, some businesses may make their employees travel on Silverjet or Eos, but see my next point...

Add to that cut throat competition from established flag carriers and you have a recipe for disaster.

Rising prices and lower profits are a toxic mix for any business, but for one as new, exposed and isolated as Silverjet it spells an early end I fear.

Goodbye to Silverjet in 2008.

befree

14th Jan 2008, 09:32

this out this morning from Daniel Stewart

Likely to fail
· We are initiating coverage of Silverjet this morning with a share price target of zero on a 12 month view so the recommendation is a SELL. Our reason is that the business model doesn’t work, we can’t see that it ever will, and we expect the company will eventually run out of cash. Our forecast is for a pre-tax loss of £31m in the year to March 08, and about £27m the following year.

· The business case at the IPO was very simple - that you could operate a B767 on a London New York route for a round trip cost of about £67,000 so with a fare of about £999 return you only need to sell 65 of your 102 seats (a load factor of 63.7%) to break-even – anything beyond this level is profit. They were still using these figures when we met management in December and they repeated the claim to the Daily Telegraph last week.

· We reckon the claim just doesn’t stack up. For a start, it excludes advertising, marketing, depreciation, and all admin costs. These can add up to quite sizeable figures. Also, since the IPO the sterling price of jet fuel, their biggest cost, has gone up by about 16% - you need to sell 4 extra seats for every flight just to cover that cost. If you add it all up, you can easily arrive at a theoretical break-even point for the company of as much as 85%.

· In practise, things have been a lot worse. In the half year to September 2007, the scheduled airline lost £11.7m on turnover of £12.2m– despite achieving a load factor in the period of nearly 70%. So load factor was 6pc above their claimed break-even yet they still made a big loss. The problem was its operating costs – at £135,755 for each return flight – more than double the claim of £67,000 in the IPO document. When you ask the company about this, they say that they are now re-working the model.

· Current traffic levels are dire; load factor for Q3 was just 55.2% and now that we are in the real low point for UK airlines (Jan-Feb) Silverjet, like all the other airlines, has launched a sale with price cuts of 20%. Although the company raised £21m last month we reckon its H2 loss will consume about 84% of these proceeds.

Ops! I did it again

14th Jan 2008, 13:22

What a load of crap!

Its crap like what Mr Stewart has published that makes me mad! It is not only scarmongering, but the facts he has quoted are so inaccurate it is laughable. No wonder the share price has fallen... people not in the know are probably very very nervous about there investiment now. Thanks Mr Stewart!!!

If you actually worked for the company... and spoke to our very open Management who keep us very well informed as to how the business is running both fanancially and operationally you would know that Silverjet is looking very rosey at the mo with strong ticket sales and great future plans etc.

Working for the company is very pleasant and is great fun. I chose to take a risk with this company leaving probably the most secure flying job in the UK to join them. I have never regretted my decission.

People, please remember its our jobs your slagging off when you post this kind of garbage on here. Even if you do believe it to be true... have a thought to those who care deeply about there great little British Airline! :ouch:

fruitbat

14th Jan 2008, 14:04

If you think its bad now just wait until Open Skies in March. Delta, US Air, Continental and Northwest all arriving at LHR, offering cut price tickets to build market share. Silverjet, I fear the worst....

Ops! I did it again

14th Jan 2008, 14:34

On a positive note...

Check it out...

http://uk.youtube.com/watch?v=2xDrjXd0cN4

8che

14th Jan 2008, 16:23

The problem with these sort of forums is the lack of correct factual information and the proliferation of a hope they go bust attitude.

Silverjet is doing just fine with an oustanding product. Over 5000 tickets were sold just last week with many many return customers.

The stuff being produced on here and by D.Stewart is incorrect rubbish. More to follow but in the mean time this is how Daniel Stewart are doing !!

Daniel Stewart confident of future despite posting full year loss
Monday, August 13, 2007, 09:18 AM
Full year results for the year ended 31 March 2007 from corporate advisory and stock brokering group Daniel Stewart made grim reading this morning. The company posted a pre tax loss of £3.735 million before exceptional items (2006: Profit £3.02 million) on revenues of £7.55 million (2006: £8.19 million).
Daniel Stewart was considerably damaged by US legislation in 2006 to online gambling operators, as it had two clients in the sector, and had additional clients in the pipeline. The poor result was also compounded by an internal restructuring conducted in the second half of 2006 which resulted in a £1.7 million one off cost incurred through bolstering staff levels and the transferring of shares to the Employee Benefit Trust (£1.6 million).

Peter Shea, Daniel Stewart's Chief Executive added: "The year just completed has been one of change for the Company. We have successfully created a high quality team of market professionals delivering an upgraded product to both our corporate and institutional clients. The new financial year has commenced well with a return to profitability and we look forward to the balance of the year with confidence".
Shares in Daniel Stewart slipped 10% to 14.5 pence.

TurboJ

14th Jan 2008, 17:33

8ache - LMAO - great post -

I think Silverjet have a great product - I hope they continue and do well -

TJ

Silverlining1

14th Jan 2008, 20:11

I am one of these pilots who has sat about but been offered finally a confirmed position with Silverjet. I for one am looking forward I have many friends there and i have been kept in the loop by the flight deck recruitment lady. All my fellow pilots that are on your way in I am sure you have been told by now too start dates or are about to. I read from a friend the releases today and am not worried im an experienced FO going into a very exciting venture, with an airline that seems to value their employees regardless of who you are. Texts off the CEO, who else gets that other than to call out?
After reading some of the posts I had to finally give in and sign up.
I wish them all the success. Who on here can say they have such a stable job in this industry? Some people just get off on the bad side

There are interviews coming up this month any one on here going in or you all been taken in by the scaremongers!?

East Coast US here I come.:ok:

Flightrider

14th Jan 2008, 20:22

The Daniel Stewart note is actually pretty close to the mark as far as I can see. The truth may be uncomfortable for many and particularly those whose livelihood is reliant on Silverjet's survival, but at least someone has tried to give a heads-up on a likely fate for the airline in time to allow you to do something about it. It's your choice if you choose to ignore the warning signs. I trust that both the nay-sayers will resist the temptation to say "I told you so" and the unfortunates will resist the temptation to say "why did nobody warn me" when the problems manifest themselves.

Fundamentally, this airline provides a fantastic product which customers love. Rightly so - it's great. But if you can't sell that product for more than the cost of producing it, then you'll never make a profit and go bust. The airline's voracious appetite for cash funding so far ought to be enough of a concern to make even the most pro-Silverjet of employees or outside observers sit up and take note. With respect, the Silverjet management are not going to say to their employee group that the airline is fundamentally challenged, are they?

The actual numbers are open to debate, but you barely need a calculator to work out from the last set of financial figures that it either needs to carry more passengers than it has seats fitted to the aircraft; or double its average fare in order to break even. Either is an extremely tall order. Meanwhile customers will enjoy fantastic service at bargain basement prices for as long as it lasts.

2Jaded

15th Jan 2008, 08:25

This was posted on their website yesterday.

Silverjet plc ("Silverjet")

Response to Analyst Research Note

Silverjet plc ("Silverjet"), the British airline offering a private jet experience at a fraction of the price, notes the research published today by Daniel Stewart which contains numerous material mistakes and inaccuracies, these include notably:

-The current 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 31 March 2008. Cash flow will be broadly neutral over the remainder of its current financial year ending 31 March 2008 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.

- ends -

8che

15th Jan 2008, 13:28

Silverjet nearing revenue target, US trade strong

<LI class=publication>Reuters
Tuesday January 15 2008LONDON, Jan 15 (Reuters) - British business-class-only airline Silverjet has just had a record week of U.S. bookings and is nearing its target of charging 1,100 pounds ($2,157) per seat, its Chief Executive said on Tuesday.
Lawrence Hunt told Reuters the airline would become cash positive in the next few months as he clarified his strategy the day after a brokerage note wrote off Silverjet as "doomed to fail".
"On forward bookings, we're near to 1,100 pounds per seat, just slightly under that at the moment, which is an incredible feat for an airline that's only a year old," he said.
"We had a record sales week last week in the U.S.," he added. "We've seen a massive increase in corporate enquiries by companies looking to cut costs."
Hunt also said he was in early joint venture discussions with investors who want to replicate the Silverjet business model in India, China, South Africa and the Middle East.
The airline will put two new aircraft into service in late May or early June, and is looking at the U.S. west coast, Miami, India and South Africa as possible destinations, he added. (Reporting by Pete Harrison; Editing by Rory Channing

8che

15th Jan 2008, 13:47

SILVERJET, the business class-only airline, yesterday became embroiled in a row with brokers Daniel Stewart after a damning analyst note caused its shares to nosedive more than 28 per cent.
Daniel Stewart analyst Mike Stoddart, covering the carrier for the first time, gave the airline a 0p target price and advised investors to “sell at any price” because the airline was “doomed to fail”.
The move forced Silverjet to issue a trading update after the market closed last night while the firm’s house broker, Arden Partners, reiterated its buy recommendation as passenger numbers for the coming months had been boosted by recent discounts and the failure of rival Maxjet. In his note, Stoddart said Silverjet was operating at a loss because it was only able to half-fill its planes with passengers.
Stoddart told CityA.M. that Silverjet chief executive Lawrence Hunt was demanding a retraction but he was standing by his note. Hunt said Stoddart was an “absolute muppet” for publishing the note which was riddled with “schoolboy errors”.
Hunt denied the airline’s business model was in trouble as a result of soaring fuel costs, and said it was in a strong cash position, had sold 5,000 bookings last week and was trading in line with expectations.
MD of Daniel Stewart quits after dispute with chairman

ALASTAIR CADE, the managing director of broker Daniel Stewart Securities, has abruptly left the company after a dispute with chairman Peter Shea, writes Anusha Bradley.
In a statement yesterday, Shea said Cade was leaving after 12 years to pursue other interests, though it is understood he left on Thursday. A source said yesterday that colleague Hamish Dickson, head of equities at the firm, left on Friday after siding with Cade. A Daniel Stewart spokesman declined to comment on the matter or what the dispute concerned.
A source close to the company said: “There was increasingly a difference of opinion between Alastair and Peter and they had a falling out.” Daniel Stewart is a City-based investment bank offering both corporate advisory and institutional stockbroking services that focus on small and mid-size companies

hunterboy

15th Jan 2008, 15:43

As much as I would like Silverjet to do well, I can't help but feel that it is bad timing. The US and the City are about to take a downturn, just as these specialist business only airlines are getting on their feet. Open Skies in a couple of months can't help. I can see a flurry of US airline activity as they scramble into London airports from the East coast of the US dumping tkts to get market share. The big boys will recover as they have the resources from different routes, but I do worry for the niche operator. I also know a couple of the Directors from their previous lives, and as much as they are keen and enthusiastic, I wouldn't invest my money in their business ventures. Having said that, If I was a financial know-all, I'd be flying around the world in First Class instead of having to fly the bloody things!

418bus

19th Jan 2008, 22:56

:bored: It would be interesting to know how much was set aside for returning the two B757s to the Lessors, I understand the costs will be substantially higher than expected, maybe $9.0 One a/c is over two months late being returned and resutant costs were not anticipated. This all adds to the losses.

aab

20th Jan 2008, 15:50

As I've posted elsewhere, just because Maxjet failed doesn't mean Silverjet will.

Business and first class is all about service and Silverjet's service is far better than Maxjet's.

Maxjet had to keep prices low to compete for customers, even though energy costs were going up. Silverjet can afford to put their prices up and still be very competitive because people will be willing to pay.

Weakness in the City and the US economy is likely to be good for Silverjet because they're still much cheaper than traditional business class. That makes them a very good option for companies who want to save money on executive travel.

Some small companies may switch to flying economy but most need their executives to arrive in good shape and go straight to meetings. That means they have to fly business class and get a decent night's sleep.

What Silverjet is doing is filling a niche and I don't think they've even got into their stride yet. According to the CEO (see article below) they're talking to investors who want to extend the business model in India, China, South Africa and elsewhere in the Middle East.

It all sounds very promising. It will be interesting to see how the new flight (is it LA?) goes too.

Recent article on Reuter's:

http://uk.reuters.com/article/UK_SMALLCAPSRPT/idUKL1549220720080115?pageNumber=2&virtualBrandChannel=0&sp=true

mikeyk01

24th Jan 2008, 08:17

its not unheard of for brokers to downgrade easily manipulated company's in an attempt to devalue the stock. The stock can the be bought at cheap prices by "certain investors" in anticipation of a big rise. I'm not saying anything unsporting is happening in this case but it does happen, more than people might realise. By the very nature of large brokers and fund manager etc, they are privy to more information, sooner than the general public.

Count von Altibar

23rd Feb 2008, 14:22

If the pay was hiked up late 2007 does anybody know the latest dosh for Captains? Is there any kind of pension?

POKEYPILOT

29th Feb 2008, 15:18

Does anyone think that Silverjet maybe a risk with the big guns getting into the transatlantic all business market. BA could sell rock bottom fares to business customers and drive the Silverjets and Zooms out of business pretty quick with aggressive tactics.

I am not sure it would be great job security long term.

Heffer

8th Mar 2008, 22:18

Can anyone confirm silverjet pension contribution % and if they offer sector pay or just the mentioned diem.

Thanks.

King Halibut

9th Mar 2008, 10:42

I do feel that Silverjet is being spun against in the city. Mates there love it.

Ops! I did it again

9th Mar 2008, 11:07

Ive been at Silverjet for a while now and all I can say is I Love it!

Still a very young company so it can only get better... any problems (and as a new company there are, as you would expect, a few minor nigggles) we have are quickley sorted out by pro-active management who are easily approachable! :ok:

Come on in the waters hot! :)

captjns

9th Mar 2008, 14:06

Saw one of the 767's at LTN with what appeared to be a very shiny decal on the vertical stabilizer... very sharp!:D

Good luck to all at SJ.

IFLY2

9th Mar 2008, 21:01

Forget all the negativity -this company is going places. :D

our kes

9th Mar 2008, 21:54

the damage an ill advised or bittter broker can do to a company is massive ...reccomending a zero share price for any company is enough to make any investor choke on his muesli..

i really do hope they beat this negative press as they look a smart little operation and cant help feeling if this model was set up 18 months earlier, thye wouldnt be having to be justifying themselves to analysts who seem clueless to be honest.

is Paul Doust still at silverjet? i heard he was high up in the flight ops management there? a good guy if so, competent and very ambitious...jsut what a new IPO needs at the helm

befree

10th Mar 2008, 19:06

I have been told that I will be banned if I post any negaive comments that may cause distress.

I am very sorry for alarming those who work at Silverjet. I am sure that people do like the product and that they have many happy staff.

This is not the place to discuss the the business aspects of Silverjet but do think it should be discussed somewhere else like the "jet blast" pages for those who are interested.

Nato 35

11th Mar 2008, 10:02

Heffer PM me

secretsquirrell

15th Apr 2008, 17:21

On average you will get 8 days off a month. The average amount of trips on a published roster is 3.5 and normally you will get two days off after a trip. However they love their standbys and your roster usually fills up quickly. You can expect roster changes after most trips, however they cannot use you on published days off. The company are absolutely petrified of giving you days off, so you will find your rosters littered with standbys, contactables and the like. Many people are doing two or more back to backs a month, (2 trips with no days off in between) and it's known for some to be doing as many as 4 or 5 b2bs in a row with only two days off in between each (millionaires, but knackered ones!!) Silverjet crew are very hard working!

Also beware... if you do go for interview they will tell you that you can earn 11k a year in flight pay/bonuses. This is utter rubbish as it usually works out at about £450 on top of your basic a month for flight pay and the bonus scheme does not exist. Flight pay is £2.75 an hour from check in to landing back in the UK, however there is no down route allowances.

Pension contribution is 5% of basic.

It's true direct management are very approachable, however they don't seem to have the ability to make changes, so it's not much use, and there is no union.

All this said, I enjoy working for silverjet and would recommend it.