I can't figure out why FlyBE can't make decent profits. Are the Q400s just too small? Do you need to be closer to 100 seats to make it all worthwhile while still not being eaten for breakfast by the LCCs with their planes which are nearer 200 seats but even as is their load factor is under 70%?
It can't be fuel as the turboprops don't burn much. Is it poor leases?
Why so many staff? over 2300 employees for just 83 planes; Flybe-Group-plc-Annual-Report-2016-17.pdf on their website.
I can't blame the pilots for any of this. They just fly the planes and appear to be working the hours.
Maybe if they were taken under the (sic) wing of a benign larger airline then some of the backend activities would become redundant. I don't see Stobart bringing much in the way of critical mass to the table.