18 JANUARY 2016

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Article from BTNews 18 JANUARY 2016

Airline reveals accounts

Stobart Air, the Aer Lingus Express franchise operator, has reported a loss of €2.6m (£1.9m) for 2014 according to the Carlisle News and Star.  It left the company with accumulated losses of €9.8m (£7.2m) at the year end, up from €7.1m (£5.2m) the year before.

And the amount owed to creditors rose from €0.96m (£0.71m) in 2013 to €5m (£3.7m).  The accounts also reveal that, in September 2014, Stobart Group – the airline’s largest shareholder with 45% – provided it with a revolving credit facility of €5.5m (£4.1m). Investment group Invesco has 40% whilst Stobart owns both Carlisle and Southend airports.

Management recently told staff that it had made a profit [in 2015] for the first time since Stobart Group helped rescue the airline, then Aer Arran from examinership – the Irish equivalent of administration – in 2010.

A statement issued by Stobart Group in response does not rule out a sale.

It says: “Stobart Air is working closely with our investors to position the airline for the next stage of investment and to assist us in delivering on our commitment to growing the airline further in 2016.

“There is no final outcome as yet from this process.”

There is a lack of news on proposed routes to Dublin and Southend.  www.aerarann.com  Also see AND FINALLY.

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