The Monarch Group has no plans for a public listing and is seeking no new shareholders despite publishing its first-ever annual report and accounts yesterday.

Monarch executive chairman Iain Rawlinson said the move by the privately owned company formed “part of modernising the group”.

The group’s annual report said the accounts were made public to “underline a commitment to enhancing stakeholders’ understanding of the capabilities and prospects of the group”.

Rawlinson said: “This is what both public and private companies do as a matter of course.

“We don’t have to do it, but we have chosen to. We feel, as a £1-billion turnover group, the market would expect us to do as groups of a similar size do.”

He insisted: “We have no plans for a listing or partial listing. We are not looking to sell part of the business.

“We are looking at progress on behalf of the stakeholders – both the shareholders and partners.”

The Mantegazza family are the sole shareholders in Monarch. Rawlinson said: “We remain wholly owned by the Mantegazzas.”

Rawlinson added: “Knowledge of how the Monarch Group fits together is quite low.” He said Monarch had launched a corporate website in February “with information about how the group operates” to counter this.

Announcing the group as “on track” to complete a turnaround and return a profit by the end of this year, Rawlinson said: “We have made good progress.

“The airline is set on a growth track. Cosmos has outperformed the market on packages . . . and engineering is on track.

“We see the benefits of all three in the group. Each is growing in its own right but also offering synergies.”