Flybe on track to break even
Flybe said it expects to break even in the full financial year as it gave a trading update today.
The airline, which has just completed the first year of a three-year turnaround, said capacity and passenger numbers have grown 15% in the fourth quarter, with load factors remaining constant.
Overall passenger revenues increased by more than 5%.
It said results for the full year to March 31 2015, which are due to be announced on June 10, are anticipated to be in line with market expectations.
The airline said it was on track to achieve ‘around break-even at pre-tax profit level’.
But this would be before the £26m cost of the Embraer E195 jets and any impact of dollar loan revaluation, and after a write-down of £10m for a loss-making joint venture in Finland and £6m set aside for flight delay compensation.
It said this would represent an improvement of £14m on the previous year’s loss of £9m on a comparable basis.
Chief executive Saad Hammad said: "These results demonstrate that we are beginning to deliver on the company’s growth opportunities and that we’ve tackled the majority of the company’s legacy issues.
“There is clearly more to do; further improvements in efficiency, further cost reductions and the resolution of our remaining surplus aircraft.
"However, one year into our turnaround, we have a clear line of sight towards profitable growth."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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