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Flybe Warns Of Lower First Half Profit

Flybe Warns Of Lower First Half Profit

2017 10 21

2017 10 21

UK airline Flybe warned that higher costs will mean a lower than expected pre-tax profit in the first half.

The higher costs relate to the airline’s drive to improve aircraft reliability, particularly the Bombardier Q400. Flybe said it is reviewing its maintenance strategy.

First-half adjusted profit before tax is now expected to be in the GBP£5 million to £10 million (USD$6.6 million-$13.2 million) range. The adjusted pre-tax profit in the previous year’s first half was £15.9 million.

“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,” Flybe chief executive Christine Ourmières-Widener said.

“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.”

Flybe said the updated guidance is partly due to additional IT costs of around £6 million related to the development of a new digital platform.

The UK regional airline will announce its interim results on November 9.

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