Flybe Group PLC H1 2017/18 Update (8808T)
October 18 2017 - 2:00AM
UK Regulatory
TIDMFLYB
RNS Number : 8808T
Flybe Group PLC
18 October 2017
Flybe Group plc
18 October 2017
Flybe Group plc ('Flybe' or 'the Group')
H1 2017/18 UPDATE
Flybe announces that, following a detailed review of aircraft
maintenance, it has incurred higher than expected related costs in
the first half. This reflects the drive to further improve the
reliability of its aircraft, particularly the Bombardier Q400
turboprop, with improvements already being seen.
A full review of the maintenance strategy has now been launched
which aims at a significant improvement of aircraft performance and
costs.
As a result, adjusted profit before tax is currently expected to
be in the range of GBP5m to GBP10m for the first half of this
financial year (H1 2016/17 adjusted PBT of GBP15.9m). This is after
charging the additional IT costs, as previously announced, of
around GBP6m in the first half of this year related to the
development of a new digital platform.
Christine Ourmieres-Widener, said:
"While half-year profits are lower than expected, I am confident
that we are still on a clear sustainable path to profitability in
line with our stated plan. The increased maintenance costs are
disappointing, but we are already addressing these in the second
half and remain focused on improving our cost base and reliability
performance. Our Sustainable Business Improvement Plan is
delivering benefits with the fleet size now reducing, and
consequently both yield and load factors are increasing. The net
debt, as expected, remains broadly in line with year ended 31(st)
March 2017."
Flybe will announce its Interim Results on 9(th) November 2017,
when further information will be provided.
Enquiries:
Flybe
Ian Milne, Interim Chief Tel: +44 (0)20 7379
Financial Officer 5151
Maitland Tel: +44 (0)20 7379
Andy Donald 5151
Notes:
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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