Robert Boyle

@cyclingmadbod You can keep going without making a profit if shareholders are prepared to put up with it and provide more capital when needed. The two shareholders are Virgin Group, who get paid a brand licence fee, and Delta Airlines, who get value out of their joint venture on LHR-USA routes.

@rboyle So if they never make a profit, how come they keep trading ad infinitum?

Virgin Atlantic managed to make a small profit last year, but has again slipped back into losses in 2025. With the industry facing a challenging 2026, what do the results tell us about the health and resilience of the business? gridpoint.consulting/blog/dissectin…

With jet fuel prices still inflated by the war in the Gulf, airlines with more fuel efficient fleets are better placed to withstand the pricing shock. Which global airlines are in the best positions and who will be under more competitive pressure? gridpoint.consulting/blog/which-air…

With airline valuations taking a pounding from the war with Iran, I took a look at which airlines had been hardest hit and tried to make sense of the differences. gridpoint.consulting/blog/making-se…

The big European carrier groups delivered another year of solid profits in 2025. But attention has rapidly shifted to the outlook for 2026, with the war in Iran driving airspace closures in the Middle East and a surge in jet fuel prices. gridpoint.consulting/blog/european-…

How did 2025 go for the airline industry? What will be the top issues in 2026? "OK" and "who knows?" are the short answers, but I've attempted a more comprehensive version here. gridpoint.consulting/blog/end-of-ye…

@asentance Absolutely right. The UK had a special deal and won’t get that back, even if it rejoins. Maybe there is a chance that the EU will reform itself into something that will be better for the UK to be a member of, but the chances of that are both low and lower than if we’d stayed in.

The problem with Brexit is that it cannot be reversed by joining the EU Customs Union, Single Market or any other superficial “quick fix”. That is why it was such a bad decision, and we now have to live with the consequences.

We may be about to get more news on Heathrow's third runway project. As the government gets ready to restart the process of getting a scheme agreed and approved, what are the big choices that need to be made and what issues are at stake? gridpoint.consulting/blog/impending…

Hmm, I don’t think that chart has been drawn right. £9.9 billion projected budget surplus appears to be almost the same size as the >£100 billion debt interest bill.

The third quarter results are now out for all the big three Western European network airline groups. How did they stack up against each other, and what do they tell us about the relative financial health of the three companies? gridpoint.consulting/blog/a-financi…

Ryanair reported first half results this morning and there was plenty for investors to like, with industry leading profit margins and impressive cash generation. gridpoint.consulting/blog/ryanairs-…

OAG has just published its annual ranking of the most connected airports in the world, "Megahubs 2025". The rankings looked rather odd to me, so I went down the rabbit hole and did my own calculations. gridpoint.consulting/blog/megahubs-…

Passenger numbers between the UK and China are now over 30% above 2019 levels. With new direct flights from MAN and EDI, you could be forgiven for thinking that the market is doing nicely. But look beyond the headlines and you'll find a different story. gridpoint.consulting/blog/china-uk-…

Aviation has been part of the European ETS for over a decade. What effects has it had on overall emissions and which airlines are responsible for the biggest increases? And what are the prospects for the scheme being extended to cover long-haul flights? gridpoint.consulting/blog/taking-st…

@Mylovanov I think you’l l find that a drop from $107B to $35B is a two thirds drop, if that is what happened. Or you could also say that it dropped “to” a third (not “by” a third).

Russian Central Bank Governor Nabiullina: Russia’s resources are now exhausted. Without investment and reforms, we stall. [Sanctions are working, Putin denies it] Since the invasion, Russia’s National Wealth Fund dropped by a third, from $107B to $35B. 1/

Ok! Baby Monty Python! My heart just skipped a few beats. Love this!

French senator perfectly describes the Trump situation.

All the 2024 results are now in the for the big European airlines. Who were the winners and who were the losers? gridpoint.consulting/blog/a-quick-r…

Full year results from IAG set new records and reconfirmed the company as one of the top industry performers from the perspective of profitability. I took a quick look to see what the results showed. gridpoint.consulting/blog/stonking-…

Runway expansion at Heathrow is back on the agenda following recent announcements by the government. We've been here before several times over the past couple of decades and each time the plans have gone nowhere. Could things be different this time? gridpoint.consulting/blog/prospects…