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Flybe rated as 'buy' with 132p target price by Numis

Thu, 09th Jun 2016 12:26

(ShareCast News) - Flybe shares fell almost 5% as Numis rated the stock as a 'buy' with a 132p target price.Numis said Flybe's reported pre-tax profit of £5.5m, from a £25.4m loss, was ahead of the brokerage's forecast for £3m.This meant the regional airline had achieved an important milestone in its transformation, said analyst Wyn Ellis."Trading conditions in the sector were challenging during H2 and, in our opinion, the results demonstrate improved management controls and greater resilience, with a strengthened balance sheet and progress in key KPIs," Ellis said.Numis noted that Flybe, looking ahead, had confirmed a challenging industry environment given the spectre of terrorist activity, industrial unrest in France, consumer uncertainty and the highest level of seat capacity growth in the European short-haul market for six years.However, the airline had promised to remain disciplined in pricing, and that it would continue to focus on unit cost reduction and maintain its capacity discipline through continuing fleet transactions."Market conditions continue to be tough and we believe that the revenue environment has deteriorated in recent months," said Ellis in a research note."Flybe notes that it is already taking cost and capacity actions to support growth in FY 2017 and the profit and loss (statement) will also benefit from lower E195 costs, reduced fleet costs and a reduction in the unit fuel bill."Numis had, reflecting the tougher industry revenue outlook, trimmed its FY 2017-estimated pre-tax profit forecast for Flybe to £21.7m, from £23m, with more modest progress now expected in FY 2018.At 12:26 BST, shares in Flybe were down 4.26% to 56.25p.
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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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23 Jan 2017 16:05

UK Earnings, Trading Statements Calendar - Next 7 Days

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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

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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.

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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

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10 Nov 2016 17:13

DIRECTOR DEALINGS SUMMARY: Flybe Chairman Ups Stake By 66%

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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

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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

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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

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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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20 Jul 2016 15:07

UK Shareholder Meetings Calendar - Next 7 Days

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20 Jul 2016 15:06

UK Earnings, Trading Statements Calendar - Next 7 Days

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14 Jul 2016 07:59

Flybe Fulfils Contract Conditions With Nordic Aviation Capital

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7 Jul 2016 08:36

BROKER RATINGS SUMMARY: Buy Wetherspoons, Sell Marston's - Citigroup

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27 Jun 2016 08:50

BUZZ-European travel stocks stumble post-Brexit

** Shares in European travel stocks fall after several warn that Britain's vote to leave EU will hit profits ** Stoxx 600 Travel and Leisure Index among worst performing in Europe, down 4 pct, and only 2 points shy of hitting its lowest since Dec. 2014 ** EasyJet worst performer by fa

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