11 June 2014 – final results
Flybe has released a solid set of numbers for the year to 31 March 2014, in line with market expectations. Revenue under management, including the full year impact of increased white label flying in Flybe Finland, was up 11.1% to £868.4m (2013: £781.5m). Group revenue was 1.0% higher at £620.5m (2013: £614.3m). Reported profit before tax of £8.1m (2013: loss of £41.1m). Turnaround initiatives delivered cost savings of £47m in the year and this is expected to increase to £71m in the current year. The balance sheet as at 31 March 2014 had total cash, including restricted funds, of £218.4m (2013: £54.7m), and net funds of £116.9m (2013: net debt of £66.3m). Basic and diluted earnings per share were an impressive 9.6p versus a restated loss per share of 56p last time. The recovery story has further to run and we continue to rate the shares as a BUY.