Excel Airways quietly climbing high

Not so sure I'd go near this one,the volume of trades does not warrent the movement in price so not really sure that there is any sustainability in the long term but DYOR.

Reading the figures more closely am unconvinced that the actual position 2003 over 2002 is any better, perhaps even slightly worse given that if you dedect the exceptionals for 2002 plus the loan to Libra from the gross profit and the cost of listing the net effect is slightly worse in 03 vs 02. Clearly those buying at present are not really looking into the fundementals of how these figures have been put together before looking at the top line 250% profit increase. The gross 02 profit does not differ greatly from the gross 03 profit, however makes much more sensational reading when you look at the nett position after exceptionals which there were 8.5m odd of in 02 but none in 03. Am still also perplexed by the admin cost reduction, this looks like manipulation of the staff costs, moving some into the 03/04 year to make the figures look better that they really are. There can be absolutely no way their admin costs have halved on increased productivity. The accounts are at this stage unaudited also.

Lastly if you look at this result +13.4m vs. +3.4 (+10m) and then look at Libra (the major shareholders) figures -9.7m CYP (-11.7m GBP)vs. +3.2m CYP (+3.85m GBP)(-15.55m GBP yoy) it really doesn't look that great...looking at it at a group level therefore, in 02 the group made 7.25m GBP and in 03 1.7m GBP, although accept the businesses have been seperated and the EXA shareholders will only look at EXA and not the parent company and group together....I'm just a fussy git....one to watch but not gamble my money on but as I say above DYOR.