In all, whilst the airline industry remains amongst the toughest to navigate, a low-cost offering which appears to be finding increasing appeal with business customers is a big plus, a fact underpinning currently favourable (buy) market consensus opinion.
GERT ZONNEVELD | PANMURE GORDON
Strong trading update and pre-tax profit guidance raised to £240m-£250m. In addition to expecting to announce a maiden 9p dividend, the Board announces an additional £150m return of capital to shareholders. We retain our buy recommendation.
WYN ELLIS | NUMIS
Bookings for FY12E have started strongly, but the statement highlights significant cost pressures and, in an uncertain economic environment, we remain cautious on the outlook. The other issue of major concern is the behaviour of Sir Stelios as he continues his open conflict over strategy with the board.