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Monarch airlines says flights operating as normal Monarch airlines says flights operating as normal
(35 minutes later)
The airline Monarch says its flights are operating as normal following "negative speculation" about the firm's financial health over the weekend. Budget airline Monarch says its flights are operating as normal following "negative speculation" about the firm's financial health over the weekend.
Monarch said it was "trading well" despite a difficult period for the industry because of terrorist incidents, Brexit and the weak pound.Monarch said it was "trading well" despite a difficult period for the industry because of terrorist incidents, Brexit and the weak pound.
The statement added that it expected to announce a significant investment in the coming days.The statement added that it expected to announce a significant investment in the coming days.
Investment firm Greybull Capital bought a 90% stake in Monarch in 2014.Investment firm Greybull Capital bought a 90% stake in Monarch in 2014.
Over the weekend Monarch's Twitter feed was full of speculation from customers asking whether the company was going bust.Over the weekend Monarch's Twitter feed was full of speculation from customers asking whether the company was going bust.
On Sunday a spokesperson denied those rumours, saying it had no idea where they were coming from.On Sunday a spokesperson denied those rumours, saying it had no idea where they were coming from.
Monarch said on Monday it expected to make more than £40m in pre-tax profit by the end of its financial year in October. Monarch said on Monday it expected to make more than £40m in underlying earnings by the end of its financial year in October.
Atol protection
It said in a statement: "Our flights are operating as normal, carrying Monarch passengers as scheduled.It said in a statement: "Our flights are operating as normal, carrying Monarch passengers as scheduled.
"To weather tougher market conditions and to fund its ongoing growth, Monarch expects to announce a significant investment from its stakeholders in the coming days.""To weather tougher market conditions and to fund its ongoing growth, Monarch expects to announce a significant investment from its stakeholders in the coming days."
It employs around 2,800 staff and is based at Luton airport. The airline is protected by the Air Traffic Organisers' Licensing (Atol) scheme - a government scheme which compensates customers if a travel firm collapses, and ensures they are not stranded.
Earlier this year Low Cost Holidays collapsed, without Atol protection, leaving 27,000 customers abroad.
Monarch employs around 2,800 staff and is based at Luton airport.
Majority owners, Greybull Capital, also bought a division of Tata Steel this year, as well as 140 M Local convenience stores from Morrisons, which subsequently went into administration.Majority owners, Greybull Capital, also bought a division of Tata Steel this year, as well as 140 M Local convenience stores from Morrisons, which subsequently went into administration.