The figure was included in the latest set of accounts released recently at Companies House.
It came as the Luton-based company revealed it had made a pre-tax profit of £19.2 million in the year to the end of October 2015. Turnover decreased from £990 million to £828.1 million.
The move into the black capped a remarkable turnaround for the business, which came close to going bust in 2014, when it made a pre-tax loss of £57.3 million.
Under the leadership of chief executive Andrew Swaffield, the group cut costs and eventually secured the backing of investor Greybull Capital.
Despite, the reversal in fortunes it appears the company is still in need of substantial financial support.
The accounts, which were signed off in June this year show that Monarch is in the process of securing “certain external refinancing activities”.
“The directors have commenced a process to secure these facilities, including an amount of £35 million and have appointed advisors,” the company said.
While Monarch is confident that the arrangements will be secured, it said that the ultimate shareholders have the funds available and are willing to step in.
Auditors at Deloitte flagged the funding question as an “emphasis of matter” – a device used to highlight important points in company accounts.
“Although the directors expect the additional financing to be provided, the fact that they have not yet been agreed indicates the existence of a material uncertainty that may cast significant doubt about the group and the company’s ability to continue as a going concern,” they said.
The accounts also show the number of people who left the business last year. The overall figure across the airline operations, engineering services, tour operations and administrative division dropped from an average of 3,470 to 2,557. A reduction that helped cut staff costs from £180 million to £117 million.
The remuneration of the highest paid director was cut from £1.5 million to £520,000.
Swaffield’s transformation of the business has included the ending of charter and long-haul flying. The company’s airline is due to take delivery of 30 Boeing 737 Max 8 aircraft from 2018.
Last October the company announced that it would be dropping the Cosmos Holidays, Avro and Somewhere2Stay brands, in favour of the overarching Monarch brand.
TTG asked Monarch for a comment on the additional funding requirement.
A spokesperson said: “As with last year, during a turnaround it can be expected that there are elements for which we are still reliant on our shareholder.”
“The continued success of Monarch is generating interest and we are working to evaluate both inbound and outbound opportunities. The key focus, however, remains the successful development and growth of Monarch.”
