The airline and tour operator, which went through well-publicised financial problems in 2014, expects to report a pre-tax profit of around £25 million in 2015, compared with a £57.3 million loss in the prior year.
Monarch in the past has swung from profit to loss and back again but Swaffield believes the changes put in place by the current management team are maintainable.
“The previous return to profit was not based on a £200 million reduction in costs so I think that’s what makes it sustainable to me,” he told TTG.
“That was more of a revenue led recovery, this is very much a cost led recovery which I can take a lot more confidence in.”
He added: “We are confident that we will grow our results in 2016 and there will be a better result than 2015, despite the impact of Sharm el Sheikh, so yes I’m prepared to commit to growth.”
Swaffield was bullish on Monarch’s prospects in 2016. Only time will tell if he is correct.
