Unfortunately, you seem to have by-passed the fact that MT are actually REDUCING their fleet of aircraft from 33 to 24, REDUCING the number of guaranteed beds on offer, REDUCING the number of airports they fly from. And the reason they are doing that, to reduce the overheads and try to increase the yield on the holidays sold. But it's not really offering competition is it ?
Also, the debt debate carries on....... MT do have a continuing debt of c. £140 Million. That is always going to be there as they run a fleet rollover programme, so that every 3 - 4 years they have new aircraft to replace older aircraft and that can't be ignored. It is a debt that requires servicing. They currently operate a fleet of Airbus and Boeing aircraft. The much older Boeing aircraft have been kept in lieu of new Airbus aircraft which were due to arrive during Q4 2004. This didn't happen. Eventually, they will be released as part of the fleet reduction programme.
As for plenty of cheap aircraft out there for lease........ I wait with anticipation to what the consensus of opinion is regarding that little gem. MyTravel want to operate a newish fleet of Airbuses. They do not get cheap aircraft unless they buy a 20 year old Boeing from the desert (actually, there aren't even any of those around as FEDEX have just sourced pretty much the last 50 757's for an expansion of their European freight operation. An Airbus from AI costs what anyone else pays for them..... a LOT of money.
5p, fair value price for the shares short term, until they can prove that a SUSTAINABLE profit is achievable. IMHO of course (I'm sure Inv3stor and Primrose will have something to say about that)
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