21-Sep-2010 12:54 PM

flybe revenue eases 0.3%, profits surge in FY2010

flybe revenue eases 0.3% - financial highlights for the 12 months ended 31-Mar-2010:

  • Revenue: GBP570.5 million, -0.3% year-on-year;
  • Cost of sales*: GBP507.2 million, +0.7%;
    • Labour: GBP107.7 million, -1.3%;
  • Operating profit*: GBP9.3 million, -54.4%;
  • Adjusted operating profit: GBP8.2 million, +34.4%;
  • Net profit:GBP6.7 million, +63.4%;
  • Passenger numbers: 7.2 million, -1.4%;
  • Ancillary revenue per passenger: GBP11.98, +16%;
  • Operating cash flow: GBP42.7 million, +92.3%. [more]

* Excludes net exceptional, integration and restructuring costs

flybe: “The key objectives are to maintain safety standards at all times as the first priority, while minimising the impact of future eruptions both in terms of customer disruption and financial impact. We estimate that the financial impact [of the volcanic eruption] to date is of the order of GBP10 million to GBP12 million of lost profit before tax for the 2010/11 financial year. The management team are working on profit recovery plans to offset this financial impact,” Jum French, Chairman and CEO. Source: Flybe, 20-Sep-2010.

flybe: “The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements,” Company statement. Source: Flybe, 20-Sep-2010.

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