12 Jan 2011 07:00
Flybe Group plc
('Flybe' or 'the Group')
Update following weather disruption
The widely reported weather conditions across a major part of the UK's regions, which continued through to the end of December 2010, resulted in prolonged disruption to a significant proportion of Flybe's network.
Some airports were either closed or seriously restricted for up to 30% of the time available, with Scotland, Northern Ireland and the South Coast of England being particularly badly affected. As a result, some 1,980 of Flybe's flights were cancelled, representing 16% of the planned flying programme and a reduction of 6% over the previous year. Consequently, passenger numbers were also down against forecast by 16% for the relevant period.
Following a detailed assessment, the one-off financial impact of the disruption is estimated at some £6m (comprising loss of revenue on cancelled flights, delay and diversion costs and additional de-icing costs, offset by savings in variable costs on cancelled flights).
The Board is pleased to confirm that underlying performance, excluding the weather-related disruption, is in line with the Board's expectations and that market conditions remain positive.
The Group is hosting a presentation for analysts on Monday 17th January, at the offices of College Hill, by way of an introduction to the Group following its recent IPO. No material news is expected to be provided and a copy of the presentation will be available at www.flybe.com
12 January 2011
Enquiries:
College Hill | Tel: +44 20 7457 2020 |
Mark Garraway | |
Adam Aljewicz |