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Flybe reports increase in trading
9:23am Monday 3rd February 2014 in News
Southampton Airport's biggest operator has reported some improvements in trading figures.
The news that Flybe has posted a five per cent increase in total revenue under management comes at a time when it is making £40million of cuts.
Last year the struggling firm had announced that 500 jobs would be lost, although they now say it will be 450.
Its restructuring turnaround plan was announced last year with the aim of saving £40million bovver the course of 2013/14, and as well as the job losses will also see reductions in the cost of aircraft grounding.
In the trading figures for the third quarter of 2013/14, Flybe recorded a five per cent increase in total revenue under management to £203.5million.
It also saw 2.3 per cent increase in passenger revenue per seat, to £48.46, and 5.2 per cent decrease in the cost of seats to £41.58.
But it has also seen total seat capacity in the UK down to 2.3 per cent.
Flybe's chief executive, Saad Hammad, said: “We are on track to deliver £40 million of annual cost savings from phases one and two of the turnaround plan by March 31, and significant rapid progress has been made already on the additional immediate actions announced in November last year.
“The transformation of our cost base is being successfully delivered thanks to the hard work and determination of our people and with the support of all stakeholders.
“Taking decisive action gives us a strong platform to implement our strategy, achieve profitable growth and build sustainable value for our shareholders. We are well on our way to becoming Europe's best local airline.”
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