JobsaGoodun
2nd Jun 2004, 19:47
FlyBE. announces increased profits of £3.1M for the financial year 2003/04 - (from Flybe website)
FlyBE., one of Europe’s largest low fares carrier today announced provisional profit figures for the financial year 2003/2004 of £3.1m. The Exeter based airline recorded its second straight year of profit growth as it benefited from its transformation into one of the UK’s most successful low fares airlines.
Commenting upon the results Jim French, MD of flyBE. stated:
“FlyBE. is a very successful UK business, delivering services in the UK, paying taxes in the UK and providing employment for 1500 people in the UK.
FlyBE. has a unique low fare airline business model deliberately designed to be very different to Ryanair and other low fare airlines.
80% of our routes are focussed in providing UK domestic services. We are the backbone of regional air transportation for the people of the UK. 10% of our routes are into very specific French regional markets where we have no head to head competition, and 10% of our routes are to Spain, where again we have no head to head competition”.
Commentating upon the trend of business for the 1st quarter of this financial year. Mr French stated that:
“ The 1st quarter of 2004/2005 has kicked off in strong fashion. Passenger numbers are up 43% and yields are up 12% over the same quarter last year, reflecting a change in route mix, as a result we will deliver a strong profit performance. Cash revenues are strong and healthy, we are in a better position than we have ever been”
Reflecting upon comments made by Mr O’Leary of Ryanair yesterday reference potential airline casualties in the coming months, Mr French stated:
“It is clear from his comments, that he does not understand our business model, does not understand our unique route structure, and therefore should refrain from commentating on things he clearly has no comprehension of.”
“ Mr O’Leary and his Irish based airline, has his own substantial problems. It is not unknown for companies with dominant market positions to seek to abuse that power, to resolve their own issues. The 4.5m passengers that will take a flyBE. flight this year, know we are a successful vibrant airline that has over 25 years of unbroken history in serving the UK regions and will not be swayed by the intemperate language emanating out of Dublin.”
“Mr O’Leary is quoted yesterday in saying “The times you test the mettle of a company is when its losing money.” We agree with Mr O’Leary as we were there in 2001, we have taken £40m out of our cost base, and as a consequence delivered two consecutive years of profit growth through the efforts of all of our 1500 dedicated staff. So if you want to know how to turn around your winter losses of £2.3m Mr O’Leary, give us a call. We stand ready and willing to help.
With all the negative talk in the industry from the low cost airlines, this can only be good news. Flybe has been through a torrid time of late and it's good to see it back in profit and providing and expanding services for the regions.
FlyBE., one of Europe’s largest low fares carrier today announced provisional profit figures for the financial year 2003/2004 of £3.1m. The Exeter based airline recorded its second straight year of profit growth as it benefited from its transformation into one of the UK’s most successful low fares airlines.
Commenting upon the results Jim French, MD of flyBE. stated:
“FlyBE. is a very successful UK business, delivering services in the UK, paying taxes in the UK and providing employment for 1500 people in the UK.
FlyBE. has a unique low fare airline business model deliberately designed to be very different to Ryanair and other low fare airlines.
80% of our routes are focussed in providing UK domestic services. We are the backbone of regional air transportation for the people of the UK. 10% of our routes are into very specific French regional markets where we have no head to head competition, and 10% of our routes are to Spain, where again we have no head to head competition”.
Commentating upon the trend of business for the 1st quarter of this financial year. Mr French stated that:
“ The 1st quarter of 2004/2005 has kicked off in strong fashion. Passenger numbers are up 43% and yields are up 12% over the same quarter last year, reflecting a change in route mix, as a result we will deliver a strong profit performance. Cash revenues are strong and healthy, we are in a better position than we have ever been”
Reflecting upon comments made by Mr O’Leary of Ryanair yesterday reference potential airline casualties in the coming months, Mr French stated:
“It is clear from his comments, that he does not understand our business model, does not understand our unique route structure, and therefore should refrain from commentating on things he clearly has no comprehension of.”
“ Mr O’Leary and his Irish based airline, has his own substantial problems. It is not unknown for companies with dominant market positions to seek to abuse that power, to resolve their own issues. The 4.5m passengers that will take a flyBE. flight this year, know we are a successful vibrant airline that has over 25 years of unbroken history in serving the UK regions and will not be swayed by the intemperate language emanating out of Dublin.”
“Mr O’Leary is quoted yesterday in saying “The times you test the mettle of a company is when its losing money.” We agree with Mr O’Leary as we were there in 2001, we have taken £40m out of our cost base, and as a consequence delivered two consecutive years of profit growth through the efforts of all of our 1500 dedicated staff. So if you want to know how to turn around your winter losses of £2.3m Mr O’Leary, give us a call. We stand ready and willing to help.
With all the negative talk in the industry from the low cost airlines, this can only be good news. Flybe has been through a torrid time of late and it's good to see it back in profit and providing and expanding services for the regions.