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Flybe turnaround gains momentum in 1HFY2014

12-Nov-2013 6:24 AM

Flybe Group revenue up 3% - financial highlights for six months ended 30-Sep-2013:

  • Revenue under management: GBP477.3 million, +20.4% year-on-year;
    • UK Airline: GBP328.2 million, +1.3%;
    • Flybe Finland: GBP126.2 million, +127%;
    • White label flying: GBP8.2 million, +82%;
    • MRO: GBP20.0 million, +4.7%;
    • Training Academy: GBP2.6 million, +4.0%;
  • Operating profit before restructuring:
    • UK Airline: GBP10.1 million, +432%;
  • Profit before tax: GBP13.8 million, compared to a loss of GBP1.6 million in p-c-p;
  • Profit after tax: GBP13.6 million, compared to a loss of GBP1.6 million in p-c-p;
  • Passenger numbers:

Flybe Group: “The economic environment continues to be challenging, and any airline has risks and uncertainties. But the turnaround of Flybe is gaining momentum and the initial two phases are already delivering significant savings. The further immediate actions announced today will incur significant transitional costs, but also deliver a full payback over the next two years. The Board is confident that these initiatives will put the group on a firm foundation for performance improvement and future growth,” Source: Company statement, 11-Nov-2013.