The airline’s latest full-year accounts (signed off by chief executive Andrew Swaffield on August 1) reveal a £102 million writedown on the value of its Airbus aircraft, plus a further £198 million provision for “onerous aircraft leasing contracts”.

Monarch’s financial difficulties last year led to delays in the Civil Aviation Authority re-granting its Atol.

For the year ended October 31 2016 the group reported a profit before tax, exceptional items and fair value movements of £12.9 million.

The loss before tax, after exceptional items and fair value movements was £291.1 million, compared to a profit of £26.9 million in 2015.

Underlying Ebitdar (earnings before interest, taxes, depreciation, amortization and rent/restructuring costs) decreased by £9 million to £125.7 million.

Monarch said during 2016 continuous terrorist attacks in Turkey resulted in reduced flying by “Monarch and other operators”. The carrier said the capacity impact had continued into 2017, “with even more capacity being directed into the group’s markets”.

“The result of all this has been to significantly impact yields,” Monarch said, adding that into 2017 yields were double digit down on the previous year.

“This will lead to a large year-over-year fall in annual revenue,” the carrier said.

“We are however starting to see some first signs of more rational capacity deployment for 2018.

“Notwithstanding that, the group’s management is reviewing the current business model and network spread to determine, given this impact on yields, what the optimum size and shape of the airline should be going forward.”

The group has employed a group of consultants to “help with this assessment”.