Silverjet confident over yields after Maxjet collapse

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

UK all-premium operator Silverjet is claiming a 52.8% load factor for December 2007 and insists that its financial position is healthier than that of rival Maxjet before it filed for bankruptcy protection last month.

Its latest monthly statistics show it secured commercial revenue from over 8,200 passengers in December, 10.5% more than in the previous month.

London Luton-based Silverjet points out that its strategy is different from that of Maxjet. It operates only two routes – to New York and Dubai – and has been concentrating on increasing frequency rather than expanding its network.

Maxjet, which had five Boeing 767 aircraft compared with Silverjet’s three, operated to four US destinations from London Stansted. It transported nearly 8,500 passengers in November and claimed a load factor of 69%.

Silverjet says its yields are “ahead of expectations” and chief executive Lawrence Hunt claims the airline’s average yield is over 50% higher than that of Maxjet before its bankruptcy filing. Maxjet filed for US Chapter 11 protection on 24 December.

 
 © AirTeamImages.com
The interior of one of UK all-premium operator Silverjet's Boeing 767s

Hunt also says Silverjet’s revenue per aircraft, based on interim financial results, was £11.8 million ($23.3 million) against Maxjet’s £4.5 million – although Silverjet’s calculation is based on the six months to 30 September 2007, while the Maxjet figures are for the six months to 30 June.

Silverjet is to acquire two more 767s this year and has just secured approval to raise another £22 million to assist with funding the fleet expansion.


Source: flightglobal.com's sister premium news site Air Transport Intelligence news