Monarch profits drop by a third
Monarch has described the current trading environment as the ‘toughest ever’ and warned profits will be down by 35% this year.
Full-year earnings to October 31 2016 are expected to fall from £74m in 2015 to £48m, but new bookings for summer 2017 are up.
Summer 2017 holiday bookings are up 40% year-on-year and summer flight-only bookings are up 10%.
Monarch added it is ‘well positioned to weather ongoing industry challenges’.
Chief executive Andrew Swaffield said: "The record investment in the business announced in October, enhanced marketing initiatives including our first TV advertising campaign in three years and continuing cost control means Monarch enters 2017 in a strong position."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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