ERS has approved the closure of its 2012 year of account with a small profit, £1.4m, 0.3% of capacity. This is the first year of account since 2007 to close with a profit and is an improvement on the forecast provided last year which was for a small loss of £1.1m or 0.2% of capacity. The forecast released for the 2013 year of account remains a small loss of 0.9% of capacity with a forecast of −5.9% to +4.1%. This is an improvement on the forecast at the same point last year which was −7.3% to +2.7% and also an improvement on the Q3 2014 forecast.