Silverjet Pay And T&c's
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Silverjet in Good Shape
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.
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.
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All for one...
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.
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.
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.
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.
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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 -
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 -
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Silverjet in Good Shape
Silverjet nearing revenue target, US trade strong
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
- <LI class=publication>Reuters
- Tuesday January 15 2008
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
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Silverjet in Good shape
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.
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
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
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!
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418bus
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.
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Silverjet is no Maxjet, which is why they'll succeed
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_SMA...nnel=0&sp=true
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_SMA...nnel=0&sp=true
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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.
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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.
I am not sure it would be great job security long term.
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From the horses mouth
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!
Come on in the waters hot!
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!
Come on in the waters hot!
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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
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