10 February 2012 – interim management statement

An Interim Management Statement has been released covering the period to 9 February 2012, incorporating the third quarter ended 31 December 2011.  In the third quarter total revenue under management rose by 18.6% to £165.5m, driven by Flybe’s entry into Continental Europe through Flybe Finland, a joint venture with Finnair.  Scheduled seats flown 3.0 million, up by 9.8% from 2.8 million in the same period a year earlier.  Net assets as at 31 December 2011 were £102.8 m, more than double the current market capitalisation, with total cash standing at £61.5m.  At the current price we rate the shares as a HOLD.