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Flybe

December 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • FLYB
  • Price:
  • 102.5p
Interims were below expectations. They were also rather messy with exceptionals including the cost of surplus aircraft (£14m), an impairment related to the exit from Flybe Finland (£10m) and a provision for some legacy claims relating to flight delays after a recent court ruling (£6m). Stripping those out, on an underlying basis, profits were up by £2m to £13.7m.  Fair enough you might say but that was after a £14m reduction in fuel costs year-on-year and given the extensive restructuring it was not unreasonable to have expected  better.Flybe has ditched 16% of its flights across unprofitable skinny routes and this has had a pincer effect on sales, with core passenger revenues down 9% t ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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