Flybe Group Share News (FLYB)

(ShareCast News) - Flybe swung to a profit in the first half of the year as the budget airline's turnaround plan begins to bear fruit.For the six months to end of September, it posted a pre-tax profit of £22.9m compared with a loss of £3.3m in the same period last year as it cut costs and added new capacity.Revenue rose 10.3% to £339.6m and as at the end of September, the group's balance sheet was strong, with net assets of £172.8m.Chief executive officer Saad Hammad said: "Our turnaround is on course with a very encouraging performance in the first half. We have returned to profit by delivering significant revenue growth through capacity investment and improved commercial execution, while reducing unit cost."While there are still a number of challenges ahead, Flybe enters the winter season with solid momentum".The company said it has completed the first three chapters of its four chapter transformation. It has concluded its restructuring, relaunched as a business with a strengthened balance sheet and modernised brand, and dealt with all of its major legacy issues while returning to growth.Flybe said it is now focused on profitable growth - chapter four - and will increasingly deploy capacity on European routes.At 1150 GMT, shares were down 2.7% to 87.00p.