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    • FLYBE YEAR END RESULTS 2014

      Thursday 12 Jun 2014

      Flybe announces a return to profitability, following a successful turnaround programme, and its confidence for the future with a focused strategy and a considerably strengthened balance sheet.
       

      FINANCIAL HIGHLIGHTS

      - 11.1% growth in Revenue under management to £868.4m (2012/13: £781.5m) driven by significant growth in white label revenue in Finland.
      - £620.5m of Group revenue, up by 1.0% (2012/13: £614.3m) Record passenger numbers and load factors in UK business
      - 3.3% decrease in Group operating costs (excluding restructuring) at £619.5m (2012/13: £640.9m)
      - Adjusted profit before tax, net restructuring and surplus capacity costs* of £1.7m (2012/13: loss of £23.6m), with profit improvement across all areas of the business
      - £8.1m of profit before tax (2012/13: loss before tax £41.1m)
      - Operating cash inflow before restructuring of £7.3m (2012/13: cash outflow of £1.6m)
      - Total cash of £218.4m at 31 March 2014 (2013: £54.7m), and net assets of £194.1m (2013: £48.1m)
      - £150.1m net equity fund raise in March 2014 reflecting investor confidence in Flybe’s future

      OPERATIONAL HIGHLIGHTS

      Flybe UK:
      - 6.9% increase in passenger numbers in UK scheduled airline at 7.7 million (2012/13: 7.2 million) despite 1.4% reduction in seat capacity
      - Load factor of 69.5% (2012/13: 64.1%)
      - 1.8% improvement in passenger revenue per seat at £49.70 (2012/13: £48.84)
      - 55.1% sector share of UK regional market (2012/13: 52.4%)
      - Operating from 7 UK bases and serving 64 airports in total throughout the UK and Europe**
      - Major expansion announced at London City
      Flybe Finland:
      - £247.9m of revenue in first full year of expanded Finnair joint venture operations (2012/13: £167.2m)
      - Service standards and punctuality on and above target
      MRO:
      - Profit before tax and restructuring £2.2m (2012/13: £0.7m)
      - Operating costs down £6.6m to £33.2m (2012/13: £39.8m)
      * Adjusted loss before tax, revaluation gain/(loss) on USD aircraft loans, net restructuring and surplus capacity costs. Surplus capacity costs represent the costs incurred in the Winter 2012/13 flying season relating to capacity that is considered by management to be surplus as a result of the restructuring decisions taken in 2012/13
      ** Includes our franchise partner, Loganair
       
      Commenting, Saad Hammad, Flybe's Chief Executive Officer, stated: "2013/14 marks the rebirth of Flybe!
      "We implemented a turnaround plan to stabilise the business and then successfully raised over £150m net to strengthen our balance sheet and drive sustainable profitable growth. The return to profitability is a great step forwards. This enables us to start implementing our twin-engine strategy of growing our UK branded business and our white label operations across Europe.
      "We have made a good start to FY15, in line with our expectations.
      "We are moving to build on our early success. We have a plan and we have the firepower. The Group is now well-placed to become Europe’s best local airline."

      View the Annual Report > http://goo.gl/y2OWvW

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