Monarch Group announces return to profitability
The Monarch Group is announcing a return to profitability in its pre-close statement for the year ending October 31, 2013.
Unaudited results released today show that all the group’s trading divisions were profitable following a two-year turnaround plan.
They reveal a gross turnover for the entire group of £1.24 billion, a 15.5% increase on the statutory figure of £1.07 billion for 2012.
Drilling down, the figures reveal Monarch Airlines’ turnover was £763 million, up 11.7% while its tour operations revenue grew by 15.4% to £336 million.
Furthermore, the group’s websites unique visitors grew by 9.5% to 21.9 million, spending £520 million, an 8.6% increase year on year.
Elsewhere the successfully delivered efficiency programmes achieved annualised cost savings of £52 million and an increase of intra group turnover of an additional £31 million.
Executive Chairman Iain Rawlinson said: “I am delighted to announce the return to profitability of the Monarch Group in 2013.
“This was the outcome targeted by our 2011 refinancing, which was based on a clear plan that combined the achievement of business efficiencies and intra group synergies with growth strategies for each business area.
“All these elements have been delivered in tough markets.
“Whilst we are encouraged by the more positive recent economic news of late, in the short-term there remains overcapacity in the aviation industry and we believe many travel customers are cautious about the economic outlook.
“However, our group structure, combining the three mutually supporting business areas of the scheduled airline, tour operations and aircraft engineering, each with its own independent growth strategy, provides us with resilience in this very competitive market environment.
“The actions we have taken in the last two years provide strong foundations from which to plan the next phase of growth and development.
“Our steady investment in this period - in strengthening the group and divisional management, raising awareness of our trusted travel brands, improving distribution, introducing business efficiencies, and answering the needs of customers - provides a strong platform from which to complete our modernisation agenda. ”