Monarch airlines, which had been ailing, is now back in profit.
The Cosmos holiday company, part of the same group, has also been turned around.
Monarch Holdings, which is controlled by Switzerland's wealthy Mantegazza family, had to get a £75m injection of funds two years ago from its Swiss shareholders. In 2011, it posted a £70m pre-tax loss, after struggling with the aftermath of high oil prices and the Arab Spring.
The airline had already had a £45m re-financing package in 2009.
Turnover had grown over the financial year to October 2013 to the point where it is expected to have a pre-tax profit of around £15 million. It has been able to attract more customers while also improving fuel efficiency.
Monarch Airlines offers low fares but better service than some of its rivals. It seems to have benefitted from negative publicity surrounding Ryanair and is planning an advertising campaign in 2014 focussing on its customer service.
The group, which has a strong regional presence in the UK, flying from airports such as Manchester and Leeds-Bradford, said it felt confident it would be able to withstand efforts by Ryanair to improve its own customer service.
