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Flybe Group Plc (FLYB)

Flybe Group Plc

Trading Update
RNS Number : 7567C
Flybe Group PLC
19 April 2013
 

Flybe Group plc

("Flybe" or "the Group")

 

Trading update

 

Ahead of the announcement of results for the year ended 31 March 2013 scheduled for June 2013, Flybe, Europe's largest regional airline, announces the following trading update.

 

Group revenue for the year will be in line with 2011/12, at the lower end of previous guidance range, and underlying Group costs (including fuel) are expected to increase YOY by circa 2.5%, in line with guidance. Underlying loss before tax for 2012/13 is therefore expected to be within but at the lower end of previous guidance. Revenue under management (including Flybe Finland, Flybe's joint venture with Finnair) will show YOY growth of c15% due to the increase in contract flying operations.  Total cash at 31 March 2013 was £54.4 million, ahead of previous expectations.

 

Forward ticket sales revenue for Flybe UK for the 2013 summer flying programme currently shows an increase of 2% over the same time last year, driven by growth in passenger numbers, against scheduled seat capacity growth of less than 1%.

 

Following the 'Delivery and Future Direction' announcement on 23 January 2013, the Group has been taking significant actions to restore profitability. Phase 1 of the cost reduction plan is progressing well and is expected to deliver cost savings ahead of the £25 million already communicated for the year to March 2014. The Flybe Group has been restructured to create a leaner more focused business, with the number of divisions reduced to two, Flybe UK and Flybe Outsourcing Solutions. Non-underlying restructuring costs in 2012/13 for Phase 1 are expected to be in line with previous guidance at between £10 million to £12 million. In addition, Flybe is advancing Phase 2 of this programme to realise further revenue and cost benefits from 2013/14 onwards.  

 

A detailed update on Phases 1 and 2 of the turnaround programme and the Group's strategic plan will be announced during May 2013.

 

 

19 April 2013

 

 

Enquiries:

 

Flybe

Tel: +44 20 7457 2020

Jim French, Chairman & Chief Executive Officer


Andrew Knuckey, Chief Financial Officer




College Hill

Tel: +44 20 7457 2020

Mark Garraway


Helen Tarbet


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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