Monarch Holdings is back in the black. The airline, tour group and MRO which is controlled by Switzerland’s Mantegazza family, expects to post a pre-tax profit in the “mid-teens” for 2013 with turnover up 16% for the year to end of October 2013. The group has had a rough time of it of late and these results mark a significant turnaround form the £70m pre-tax loss in 2011. In a pre-close statement published on Wednesday, Monarch said all parts of its business, which also includes an aircraft engineering division, were back in profit after a two-year programme to remove £52m

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