Flybe (FLYB)

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Flybe FLYB Logo

A regional airline operator in Europe.

18-Oct-2017 – 44p – £95.3m

H1 2017/18 Update – Higher than expected aircraft maintenance costs mean PBT is expected to be in the range of £5m to £10m H1 2017/18 – In H1 2016/17 adjusted PBT was £15.9m. The company is still “confident that we are still on a clear sustainable path to profitability in line with our stated plan”.

Not sure I am so convinced.

9-Nov-2017 – 36.25p – £78.0m – PER 84.1

Results For The 6 Months Ended September 2017 – A little tricky for me to fully understand this but basically Revenue is up 9.3%. Adjusted PBT is down to £8.4m (from £15.9m last time) due to an IT related cost – This adjusted PBT is towards the upper end of the range of £5m to £10m announced on 18th October 2017.

I just can’t get myself into looking into this one any further.

3-Apr-2018 – 33.5p – £72.6m – PER 10.4

Trading Update – Weather impact -£4m on Revenue.

Never really been tempted here and this update hasn’t changed that view.

26-Jul-2018 – 41.65p – £90.2m – PER 21.6

Q1 2018/2019 Trading Statement – Record load factors on reduced capacity and “looking forward to further progress towards sustainable profitability”.

I wish them well as I remain Neutral for now.

17-Oct-2018 – 32.2p – £69.8m – PER 27.3

Trading Update – FY Adjusted PBT to be lower than market expectations – Mean the Loss will be even bigger than expected.

I remain Neutral here, it would be on my Avoid list but I just like to keep up with the (sad) story.

14-Nov-2018 – 11.7p – £25.3m – PER n/a

Results For The 6 Months To End September 2018 and – Formal Sale Process Announcement

I just can’t be bothered anymore (no idea what will happen here) – It’s finally going on my Avoid list and I will cease coverage.

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