Monarch boosts half-year revenues 10%

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UK-based Monarch Airlines increased revenues 10% to £206 million ($323 million) in the six months to 30 April, as passenger numbers rose 7% to 1.9 million and ancillary income jumped up 42%.

Monarch Group's maintenance arm, Monarch Aircraft Engineering, meanwhile grew revenues 17% to £47 million.

In the year ending 31 October 2012, the group - which also includes tour operations, plus retail and online business - cut its pre-tax loss by more than 70%, from £51.1 million to £14.9 million. It says it has made "major progress" in its turnaround plan, intended to bring a return to profitability by the end of its current financial year.

Monarch Airlines cut pre-tax losses 47% in its financial year 2012, and annual passenger volumes rose from 5.9 million to 6.3 million. For Monarch Aircraft Engineering, there was 83% increase in pre-tax profit, to £5.3 million, as turnover grew 8.9% to £86.3 million - of which third-party revenues accounted for 29%.