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Trading statements

Flybe has solid quarter in tough conditions

30 January 2017 07:26

Flybe continued to grow revenue in the third quarter by deploying previously committed additional capacity, but increased capacity and tough trading conditions resulted in lower load factors.

A trading statement said: "As we passed the anniversary of last year's tragic events in Paris and with the benefit of management actions, seat capacity growth started to slow, passenger yield increased and the decline in revenue per seat slowed."

The group saw:

- 13.5% growth in passenger revenue in Q3, compared to 5.7% in H1

- 12.7% growth in Q3 seat capacity slowed against 13.5% growth in H1

- 2.8% growth in passenger yield compared to 2.0% decrease in H1

- 1.7 ppts decline in load factor slowed against 4.3 ppts decline in H1

- 0.2% increase in passenger revenue per seat against 6.9% decrease in H1 It addeded: "As planned, four additional Q400 aircraft were added to the fleet during the quarter and the final four will be delivered in the last quarter, which will complete the NAC transaction and represents the peak in fleet size.

"We have now given notice to lessors that the next six end-of-lease aircraft will be returned in the second half of 2017/18.

"UK regional connectivity will be increased with new routes between Edinburgh, Aberdeen and London Heathrow, which commence on 26th March 2017.

"These routes will allow for connectivity with Flybe's codeshare partners, including Etihad, Singapore Airlines and Virgin Atlantic as well as interline connections with United Airlines, Delta, Qantas, TAP and Cathay Pacific.

"More connectivity will be added over the coming months."

Story provided by StockMarketWire.com

Related Company: FLYB

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