January 14, 2008 / 6:49 PM / 12 years ago

UPDATE 1-Silverjet says analyst note contains inaccuracies

(Adds detail, background)

LONDON, Jan 14 (Reuters) - British business-class only airline Silverjet SILJ.L rebuffed an analyst note by broker Daniel Stewart on Monday, which sent its shares down 29 percent, saying it contained numerous mistakes and inaccuracies.

Silverjet said in a statement its business model was not in trouble because of soaring fuel costs and it remained confident of achieving its first month of pretax profit in the current financial year ending March 31, 2008.

Silverjet also said the current average cost per flight turnaround was 75,000 pounds ($147,100) rather than the 135,000 pounds mentioned in the Daniel Stewart research note.

Earlier, brokerage Daniel Stewart analyst Mike Stoddart said Silverjet shares would be worthless within a year because it would run out of cash.

His note followed the failure and bankruptcy of all-business-class airline MAXJet MAXJ.L in December.

Silverjet said overall there were 5,000 bookings on all its routes last week and 20 percent of customers are now repeat bookings. The new Dubai route is performing ahead of managements expectations, it said. (Reporting by Chris Wills; Editing by Paul Bolding) (chris.wills@reuters.com; 00 44 20 7542 5331; Reuters Messaging: chris.wills.reuters.com@reuters.net)) ($1 = 0.5099 pound)

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