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Annual Results

Flybe in the red after IT write-downs

08 June 2017 07:25

Flybe plunged into the red in the year to the end of March despite a 13.4% increase in revenues to £707.4m.

Flybe had warned in March that it expected a small underlying loss before tax for the year, before IT write-downs of around £5-10m.

The group today posted an adjusted loss before tax of £(6.7)m, after IT write-downs of £4.8m.

It said this write-down was at the low end of its previous range, but it anticipated further IT costs of around £6m in 2017-18 relating to cancellation penalties on existing contracts.

Financial highlights - Stable passenger yield at £70.20;

- 3.0ppts lower load factor to 69.6% reflecting the 12.3% increase in capacity;

- 2.0% increase in cost per seat to £53.74, but a 5.2% reduction at constant currency;

- Adjusted loss before tax of £6.7m (£5.5m profit in 2015/16);

- Reported loss after tax of £26.7m (£6.8m profit in 2015/16);

- Strong balance sheet with total cash of £124.3m, with net debt of £(64.0)m after the purchase of ten Q400 aircraft, previously on operating leases

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Related Company: FLYB

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