7th Apr 2015 06:14
LONDON (Alliance News) - Flybe Group PLC on Tuesday said it expects to report full-year results in line with market expectations following a return to growth in the final quarter of its financial year to the end of March.
The European regional carrier said it expects to be around breakeven on its adjusted pretax profit, excluding the GBP26 million cost of its Embraer E195 jets and any impact from US dollar loan revaluation. But the adjusted pretax profit would include the GBP10 million writedown on its Finland joint venture and the GBP6 million provision made on flight delays.
The company said it delivered 15% additional capacity in the fourth quarter, with load factors held flat amid similar 15% passenger growth. Overall, revenue in the fourth quarter increased by 5% as the growth in passenger numbers offset investments made in new capacity and lower spot fuel prices.
"We're pleased to report a return to growth at Flybe, one year after our capital raise. These results demonstrate that we are beginning to deliver on the company's growth opportunities and that we've tackled the majority of the company's legacy issues," said Saad Hammad, Flybe's chief executive.
"There is clearly more to do; further improvements in efficiency, further cost reductions and the resolution of our remaining surplus aircraft. However,one year into our turnaround, we have a clear line of sight towards profitable growth," Hammad added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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