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In January the airline stated it expects its first-half losses to fall between £70-£90 million. That has since been revised to £50- £75 million, whilst market analysts are expecting a loss of £34 million. The Easter holidays would have provided a boost to the company because its short-haul flights to Europe is its bread and butter.
The company’s founder, Sir Stelios Haji-Ioannou has been voicing his opinion against the expansion of the airline for a number of years. In protest he has been reducing his own, and his family’s shareholding in the company. Mr Haji-Ioannou and his siblings now own a combined 37% in the company. The share price is trading at 1682, up over 7% year-to-date, and recently hitting an all-time high.
The stock has bounced off the 1600 mark a few times this year. If its results are strong we could target 1800. Although, if they are now in line with estimates we could see some profit-taking.