Totally agree @Areebee. After the market close results release...

Totally agree @Areebee. After the market close results release is pretty pathetic too - what?, they think no one will notice?

The result is terrible in my view. Sure they need to front load costs for the new planes, but to have a 34% increase in planes ( 58 from 43) translate into a mere 10% increase in revenues on which they get a massive 48% increase in operating expenses, shows to me that they are having operational trouble managing the fleet expansion. I expect that it will rectify in due course, but it is not a good start.

Surprise bank covenant breaches are more of a worry. They could/should have forecast this and pre-cleared it with the banks, but if the expansion is a bit of a shemozzle they may not of foreseen it. So now they have a big chunk of debt in current liabilities repayable within 1 year. They expect to reclassify it as non-current, but who knows. My experience with getting banks to be understanding and accommodative has never been good.

Lets see how they open today.....