12 AUGUST 2013

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Article from BTNews 12 AUGUST 2013

Flybe Group results

Exeter-based Flybe, which claims to be Europe’s largest regional airline, has announced its Interim Management Statement for the period to 7 August 2013, incorporating its performance in the first quarter ended 30 June 2013.  As reported in BTN 5 August Saab Hammed joined as Chief Executive on 1 August, with effectively a free hand to revive the fortunes of the loss making carrier.  These are the old management's last results.

The airline says that trading was in line with expectations with revenue under management up 18.5% to £229m due to increased contract flying activity in Flybe Finland, Flybe’s joint venture with Finnair.  Group revenue increased by 0.7% to £164.2m

Flybe’s share of the UK regional market (excluding London) was encouraging coming in at 55% versus 51.2%.

“Following on the management changes (see Paul Simmons to join Flybe in this issue) and current with the cost reduction programme, the new leadership team has commenced a full review of the group’s operations and will report in due course on the future strategic development and direction of the business”, the statement concluded. www.flybe.com

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