Flybe share price nosedives after £15.4m loss is revealed
SHARES in airline Flybe took a sharp tumble yesterday after the company announced a £15.4m loss and the sale of its 60 per cent stake in Flybe Finland for just €1.
The group, which operates across Europe and only last week revealed an agreement with Aer Lingus to fly across the Atlantic, announced that both revenue and passenger numbers fell over the six months to the end of September as it drove forward its restructuring plan.
Flybe made a loss after tax of £15.4m compared to a profit of £13.6m in the same period a year before. A £34.3m hit was put down to one-off restructuring costs over the period. Chief executive Saad Hammad said: “While there are still a number of challenges ahead, Flybe enters the winter season with solid momentum in its core UK business.”
Shares closed 15.37 per cent down