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Flybe rated as 'buy' with 132p target price by Numis

Thu, 09th Jun 2016 12:26

(ShareCast News) - Flybe shares fell almost 5% as Numis rated the stock as a 'buy' with a 132p target price.Numis said Flybe's reported pre-tax profit of £5.5m, from a £25.4m loss, was ahead of the brokerage's forecast for £3m.This meant the regional airline had achieved an important milestone in its transformation, said analyst Wyn Ellis."Trading conditions in the sector were challenging during H2 and, in our opinion, the results demonstrate improved management controls and greater resilience, with a strengthened balance sheet and progress in key KPIs," Ellis said.Numis noted that Flybe, looking ahead, had confirmed a challenging industry environment given the spectre of terrorist activity, industrial unrest in France, consumer uncertainty and the highest level of seat capacity growth in the European short-haul market for six years.However, the airline had promised to remain disciplined in pricing, and that it would continue to focus on unit cost reduction and maintain its capacity discipline through continuing fleet transactions."Market conditions continue to be tough and we believe that the revenue environment has deteriorated in recent months," said Ellis in a research note."Flybe notes that it is already taking cost and capacity actions to support growth in FY 2017 and the profit and loss (statement) will also benefit from lower E195 costs, reduced fleet costs and a reduction in the unit fuel bill."Numis had, reflecting the tougher industry revenue outlook, trimmed its FY 2017-estimated pre-tax profit forecast for Flybe to £21.7m, from £23m, with more modest progress now expected in FY 2018.At 12:26 BST, shares in Flybe were down 4.26% to 56.25p.

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Budget airline Flybe expects to break even on pretax basis in 2015

Jan 26 (Reuters) - British budget airline Flybe Group Plc said it had booked lower passenger revenue per seat for the fourth quarter and that it would break even on pretax profit for the full year 2015. The company, which said it has no exposure to the Swiss franc, said passenger revenue p

26 Jan 2015 06:18

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3 Dec 2014 15:12

UPDATE 1-Britain to scrap air travel taxes for children

(Adds CEO statements, analyst comments) LONDON, Dec 3 (Reuters) - British finance minister George Osborne said he would make it cheaper for families to travel by scrapping an air travel tax charged for children, prompting airlines to call on him to go further and also abolish the levy in it

3 Dec 2014 13:41

Britain to scrap air travel taxes for children

LONDON, Dec 3 (Reuters) - British finance minister George Osborne said he would scrap a tax charged on children flying out of the country, making it cheaper for families to travel. Presenting his half-yearly budget statement to parliament on Wednesday, Osborne said that from May 1 next year

1 Dec 2014 08:23

Flybe does code-share deal with Cathay Pacific

European regional airline Flybe has struck a new code-share deal with Hong Kong flag carrier Cathay Pacific. From 8 December, Flybe customers in Aberdeen, Belfast, Edinburgh, Exeter, Inverness, Isle of Man and Southampton can use a single ticket to connect via Manchester Airport onto Cathay's new fo

27 Nov 2014 20:17

Travel stocks soar in London as OPEC choses to maintain output target

Oil stocks were the clear losers in London on Thursday after the Organization of Petroleum Exporting Countries (OPEC) chose not to cut production despite a global supply glut, sending crude prices to levels not seen since 2010. Brent crude dropped by 6.7% to $72.58 a barrel on the ICE, while West Te

27 Nov 2014 13:25

Scotland could slash air travel taxes under new UK deal

LONDON, Nov 27 (Reuters) - Scotland is likely to slash taxes on passengers flying out of the country from next year following a new tax deal with Britain, giving Scottish airports an advantage over rivals south of the border in England. The Scottish Parliament was on Thursday promised new p

26 Nov 2014 14:53

Flybe signs white-label plane deal with Scandinavia's SAS

UK low-cost airline group Flybe has entered into a white-label deal with Scandinavia's largest carrier, SAS, to operate four of its aircraft from next year. Starting in October 2015, Flybe will run four ATR72-600 aircraft on behalf of SAS used on short-haul flights in Europe. The planes are being p

13 Nov 2014 16:09

DIRECTOR DEALINGS: Flybe CEO And CFO Both Buy Shares

13 Nov 2014 06:14

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12 Nov 2014 16:04

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12 Nov 2014 11:15

UK's Flybe swings to loss on one-off costs, impairment charge

* First-half pretax loss at 15.3 mln stg * Says EU 261 flight delay claim rules unfortunate * Shares fall as much as 23 pct By Esha Vaish Nov 12 (Reuters) - British budget airline Flybe Group Plc swung to a pretax loss in the first half, hurt by one-off costs and a charge

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Flybe rated as 'buy' with 132p target price by Numis

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