Revenue lift for Flybe puts airline on course to meet expectations
LOW cost airline Flybe – the largest carrier in terms of flight volume at Birmingham Airport – has seen a boost in revenue.
Europe’s largest regional airline today announced its interim management statement for the period to August 7 2013, incorporating its performance in the first quarter ended June 30 2013.
Flybe, which is in the middle of a restructuring process, said its trading is in line with expectations and reported revenue under management up 18.5% to £229m, due to increased contract flying activity in Flybe Finland, Flybe’s joint venture with Finnair.
Group revenue increased by 0.7% to £164.2m.
Flybe said: “The board continues to anticipate challenging market conditions and that group revenues will be broadly flat year-on-year.
“The group will maintain its focus on lowering its cost base and is on target to deliver savings of circa £40m in the current financial year, partially offset by expected headwinds such as an adverse USD exchange rate versus 2012/13. The board therefore believes that it remains on track to deliver results in line with its expectations for the year.”
Earlier this year the business announced a dramatic increase in losses.
In Flybe’s annual accounts for the year to March 2013, management reported that the restructuring programme is targeted to deliver cost savings of £40m in 2013/14, rising to annualised savings of £49m for 2014/15 year onwards. The group said progress remains on track to achieve these goals.
