The boss of Monarch has outlined his vision to transform the business into Europe’s most recommended airline group.
Chief executive, Andrew Swaffield, was speaking after the Luton-based company revealed a financial turnaround of £130 million with expected pre-tax underlying earnings of £40 million for the year to October 31.
The restructuring of the former loss-making organisation has seen long-haul routes dropped, a consolidation of tour operating brands under the Monarch brand and a focus on more year-round flying following Greybull Capital taking a 90% stake in October last year.
The airline carried 6.6 million passengers this year with average spend on ancillary items up by 3.8% and revenue per seat up by 7.2%.
Expanded winter flying for ski, winter sun and city breaks is planned ahead of the introduction of a fleet of fuel efficient 189-seat Boeing 737 Max 8 aircraft from 2018.
The flying programme has been increased by 8% for this winter, helped by the introduction of flights to Tel Aviv and Ovda for Eilat in Israel from Luton.
Moving forward, the switch from Airbus to Boeing aircraft will see a 15% fuel saving.
Monarch has 30 of the new generation 737s on order plus options on a further 15 to replace its existing 33-strong fleet.
Swaffield said: “We want to become Europe’s most recommended airline group based on punctuality and service.
“We want to be seen as offering very good value for money with warm service.”
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