Finance & Strategy: In September 2011, Monarch revealed its strategy when it cancelled its order for 6 Boeing 787 Dreamliner aircraft , explaining that it intended to focus on scheduled services and short-haul routes rather than long-haul -- for which the 787 is suited. It is expanding of course as it opens up in East Midlands and Leeds/Bradford and this expansion includes the new service of scheduled ski flights to Europe in 2012/13. But it is clearly finding the air transport environment highly competitive, with an operating loss of 45m in the year to October 2011. In November 2011 it received a 75m injection from its private owners to boost its balance sheet and help launch 14 new routes (mainly from Leeds/Bradford) and add narrow-body jets to the fleet, which is now around 30 aircraft. The FT article is revealing -- it reports the CEO "wants passengers to regard the brand as a step above its low-cost rivals but as a cheaper alternative to full-service carriers". In the article, Douglas McNeill, an airline analyst with Charles Stanley, questions whether this niche actually exists. Clearly the pressure is on Monarch, with Ryanair posting healthy results for the first half of 2012 with a 477m profit, up 10%. The Brand: Whilst the Monarch brand clearly plays on its heritage -- it proudly states on its website that many of its competitors from 1967 no longer exist -- like other airlines it too has had brand changes over the years. More recently, in