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Flybe descends to six-month low on weak demand and dollar uncertainty

Thu, 07th Apr 2016 10:43

(ShareCast News) - Low-cost airline Flybe said it was on track for its summer trading as it reported stable passenger numbers for the fourth quarter and said 2016 results are likely to be in line with market expectations.In a trading statement for the quarter ending 31 March, the company said seat capacity was increased at a temporarily lower rate of 2.4% in response to the terror attacks in Paris in November.Passenger volumes were maintained at 1.8m but the load factor - a gauge of how many seats were taken up on flights - fell to 68% from 70%.Passenger revenue, meanwhile, was in line with the previous year.Flybe said summer trading was on track, with a 17% increase in capacity versus the prior year and around 21% of capacity already sold.In light of ongoing macroeconomic uncertainty, the company has hedged both fuel oil and US dollar to 90% of 2016/17's exposure. It said the rise in the value of the dollar since the turn of the year has impacted 2016/17's operating costs by £7m.Last month, Flybe took ownership of three Q400 aircraft, previously on operating leases, for $34m (£24.2m). It said this was in line with its strategy of rebalancing aircraft fleet away from reliance on operating leases and towards outright ownership, bringing the associated margin uplift.Chief executive Saad Hammad said: "This last year has seen enormous progress at Flybe. We completed the resolution of the key legacy issues while significantly improving our service and customer offering. We are carrying more passengers across a growing route network and doing so at a lower unit cost."Against the background of the highest level of market capacity growth for six years driven by low fuel prices, we continue to be disciplined in deploying our capacity, focusing investment on routes where airport partners provide cost mitigation and those which adhere strictly to our business model. We are also continuing to reduce unit cost, which provides margin resilience, as well as reviewing our capacity growth rate beyond this summer."Cantor Fitzgerald analyst Robin Byde identified possible reasons for the sell-off."I think they've done very well on restructuring capacity and fleet but demand still just seems to be too weak on the routes that they fly," he said."You've had a number of investors decide that trading is not going to get significantly better any time soon and it's time to sell," he added.At 1058 BST, Flybe shares were down 8.9% to 58.40p.

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30 Jan 2017 07:43

Flybe Q3 'solid', sees slow start to Q4

(ShareCast News) - Flybe said on Monday that it delivered a solid third quarter in tough trading conditions, but the fourth quarter has kicked off slowly due to "uncertain" customer confidence and poor weather. In the third quarter, it saw passenger growth of 13.5% versus 5.7% in the first half, whi

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20 Dec 2016 08:50

Flybe appoints former CityJet boss as CEO, announces new routes

(ShareCast News) - Budget airline Flybe has appointed former CityJet boss Christine Ourmieres-Widener as its chief executive officer with effect from 16 January. Ourmieres-Widener started her career in the maintenance department of Air France and between 2010 and 2015 she was the CEO of CityJet. Sin

18 Nov 2016 13:27

Broker tips: Premier Oil, Flybe, St James's Place

(ShareCast News) - Jefferies upgraded Premier Oil to 'buy' from 'hold', keeping the price target at 88p, as it reckons the company's full debt refinancing will go through. Premier said on Thursday that was in the final stages of negotiations with its banks and private bondholders on its refinancing.

18 Nov 2016 09:16

Flybe flies higher on HSBC upgrade to 'buy'

(ShareCast News) - HSBC upgraded Flybe to 'buy' from 'reduce' and lifted the price target to 55p from 20p, saying the company is in a substantially better place that it previously thought. The bank said the group's first-half, reported earlier this month, was much better than it expected with operat

10 Nov 2016 17:13

DIRECTOR DEALINGS SUMMARY: Flybe Chairman Ups Stake By 66%

9 Nov 2016 09:09

Flybe H1 profit down but revenue and passenger numbers rise

(ShareCast News) - Flybe reported a drop in pre-tax profit in the six months to the end of September amid challenging markets, but revenue and passenger numbers rose. Pre-tax profit declined 15.9% to £7m, taking a hit from the fall in the value of the pound which increased the cost of US dollar loan

9 Nov 2016 07:57

Britain's Flybe cautions Brexit vote could hurt aviation industry

Nov 9 (Reuters) - British regional airline Flybe Group Plc cautioned that the country's vote to leave the European Union could affect the aviation industry "operationally and commercially" and posed short-term challenges because of the pound's sharp slide. Flybe, which connects British reg

26 Oct 2016 11:02

Flybe chief executive Hammad fires ejector seat

(ShareCast News) - Flybe chief executive Saad Hammad has parted company from the beleaguered regional airline with its shares trading not far from all-time lows. Chairman Simon Laffin has stepped in to an executive role as the ejector seat has been pressed for Hammed, who started at the company in A

27 Jul 2016 15:38

Flybe reports sustained growth despite tough conditions

(ShareCast News) - Flybe, the largest regional airline in Europe, announced on Wednesday a good start to the year despite challenging conditions for the industry. Chief executive Saad Hammad said: "Flybe continues to make progress despite significant external challenges. We delivered a solid quarte

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27 Jun 2016 08:50

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