9 MAY 2011

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Article from BTNews 9 MAY 2011

Flybe shares crash

After the euphoria of a London floatation at the end of last year, which saw £66m raised at an offer price of 295p, Flybe investors are now staring at a paper loss with the shares standing at 176p as the London Stock Exchange closed on Friday evening. 

Late last week the airline suggested that profits for the year until 31 March would be around £20m as against the previous 12 months’ £36m.  Full figures will be available in June.  The airline would not comment on rumours that it might dispose of some aircraft noting that all airlines are constantly re-assessing the number of aeroplanes required.

The carrier is the leader in the UK domestic market with 27% of total passengers from which it derives 85% of its total income.

To put matters in perspective IAG, owner of British Airways and Iberia, cut first-quarter losses by 83% to €47m (£42m) pre-tax.  Shares stood at £254, a 16% increase since the beginning of the year.

Flybe derives 85% of revenue from the UK and is trying to reduce its dependence on its home market by expanding further into continental Europe. www.flybe.com

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