Flybe - 3 (Including the FlyBe/BACon merger)
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The report does not mention collapse at any point and is merely reporting on the latest results.
The Chief Exec reports that the expansion was aimed at laying the foundations of further profitability in future years, It was recognised that such an ambitious expansion would involve a significant financial risk to the business.
The group was seeing “very significant” financial benefits from the route expansion in the current financial year to the end of March 2007, as the network matured.
As with any business you need to read the financial results yourself as the report does not mention them in detail.
The Chief Exec reports that the expansion was aimed at laying the foundations of further profitability in future years, It was recognised that such an ambitious expansion would involve a significant financial risk to the business.
The group was seeing “very significant” financial benefits from the route expansion in the current financial year to the end of March 2007, as the network matured.
As with any business you need to read the financial results yourself as the report does not mention them in detail.
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Full article text
Well chaps, I used to lurk here about two years ago when I had more time to devote to flight sims (I was also studying towards a PPL at the time but ran out of cash)... I visit again and can already be of (some) use. So I've signed up for an account here to give you the full article - not that it is that interesting:
Flybe, the privately owned UK regional airline, fell sharply into loss last year as a result of the rapid expansion of its route network, write-downs on the value of some of its oldest aircraft and a big rise in fuel costs.
The group also incurred £1.6m in costs for its deferred initial public offering, which the group was forced to postpone last year as it embarked on the takeover of BA Connect, British Airways’ loss-making UK regional operations.
The acquisition of BA Connect, due to be completed shortly following clearance by the Office of Fair Trading, will double Flybe’s turnover and greatly increase its presence in Manchester and Birmingham, two of the biggest regional markets in the UK. It will make the group the largest regional airline in Europe.
The takeover has delayed the IPO by at least a year, however, to the summer of 2008 at the earliest. BA is expected to take a stake of 15 per cent in Flybe as part of the BA Connect transaction, but has said it will sell the stake at the time of the IPO.
According to its latest accounts, published on Tuesday, Flybe fell into a pre-tax loss of £12.2m in the 12 months to the end of March last year, including exceptional items of £8.09m. That compares with a pre-tax profit of £7.8m a year earlier.
Turnover increased by 13.9 per cent to £304m, while fuel costs rose from £27.3m to £49.1m.
The airline embarked on a costly expansion in particular of is UK domestic network, as it responded to the restructuring of the UK aviation market, increased competition at its Birmingham airport base and the need to replace the loss of its lucrative franchise business flying for Air France, which was terminated in March 2005.
The franchise operation generated annual profits of £3.4m.
Jim French, Flybe chairman and chief executive, said in the annual report that the group had added 44 new routes in the year, a 68 per cent increase to 109, which had increased capacity, measured by available seats, by 32 per cent.
Losses on the new routes totalled around £7.5m.
Passenger volumes on the Flybe network rose by 25 per cent to 4.75m, while turnover increased on the Flybe routes, excluding the earlier Air France franchise, by 26 per cent to £304m.
The expansion was aimed at laying “the foundations of further profitability in future years,” said Mr French. “It was recognised that such an ambitious expansion would involve a significant financial risk to the business.”
Mr French said the group was seeing “very significant” financial benefits from the route expansion in the current financial year to the end of March 2007, as the network matured.
Flybe also expected to generate profits of more than £10m from the introduction of charges for checked-in baggage and for advance seat selection.
The group is 81 per cent owned by Jersey-incorporated Rosedale (JW) Investments, one of the family trusts established to oversee the estate of the late Jack Walker, the steel millionaire and owner of Blackburn Rovers Football Club. Flybe has previously traded as British European and as Jersey European.
Mr French holds a 9 per cent stake. A 10 per cent stake is held by an employee ownership trust.
Ta,
Dave
Flybe, the privately owned UK regional airline, fell sharply into loss last year as a result of the rapid expansion of its route network, write-downs on the value of some of its oldest aircraft and a big rise in fuel costs.
The group also incurred £1.6m in costs for its deferred initial public offering, which the group was forced to postpone last year as it embarked on the takeover of BA Connect, British Airways’ loss-making UK regional operations.
The acquisition of BA Connect, due to be completed shortly following clearance by the Office of Fair Trading, will double Flybe’s turnover and greatly increase its presence in Manchester and Birmingham, two of the biggest regional markets in the UK. It will make the group the largest regional airline in Europe.
The takeover has delayed the IPO by at least a year, however, to the summer of 2008 at the earliest. BA is expected to take a stake of 15 per cent in Flybe as part of the BA Connect transaction, but has said it will sell the stake at the time of the IPO.
According to its latest accounts, published on Tuesday, Flybe fell into a pre-tax loss of £12.2m in the 12 months to the end of March last year, including exceptional items of £8.09m. That compares with a pre-tax profit of £7.8m a year earlier.
Turnover increased by 13.9 per cent to £304m, while fuel costs rose from £27.3m to £49.1m.
The airline embarked on a costly expansion in particular of is UK domestic network, as it responded to the restructuring of the UK aviation market, increased competition at its Birmingham airport base and the need to replace the loss of its lucrative franchise business flying for Air France, which was terminated in March 2005.
The franchise operation generated annual profits of £3.4m.
Jim French, Flybe chairman and chief executive, said in the annual report that the group had added 44 new routes in the year, a 68 per cent increase to 109, which had increased capacity, measured by available seats, by 32 per cent.
Losses on the new routes totalled around £7.5m.
Passenger volumes on the Flybe network rose by 25 per cent to 4.75m, while turnover increased on the Flybe routes, excluding the earlier Air France franchise, by 26 per cent to £304m.
The expansion was aimed at laying “the foundations of further profitability in future years,” said Mr French. “It was recognised that such an ambitious expansion would involve a significant financial risk to the business.”
Mr French said the group was seeing “very significant” financial benefits from the route expansion in the current financial year to the end of March 2007, as the network matured.
Flybe also expected to generate profits of more than £10m from the introduction of charges for checked-in baggage and for advance seat selection.
The group is 81 per cent owned by Jersey-incorporated Rosedale (JW) Investments, one of the family trusts established to oversee the estate of the late Jack Walker, the steel millionaire and owner of Blackburn Rovers Football Club. Flybe has previously traded as British European and as Jersey European.
Mr French holds a 9 per cent stake. A 10 per cent stake is held by an employee ownership trust.
Ta,
Dave
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Is there any news on what is happening to the other german routes. i.e. FRA, STR, DUS and HAJ. If they are not going to continue the FRA and DUS with multiple daily rotations then there is really no point continuing at all. However, with ten nightstops this month and regularly carrying single figures on the earlies out of FRA a reduction to day trips would seem a sensible money saving idea ! (Plus I don't want to do the nightstops !).
I am sure the German 145 routes could make money for Fly Be when unshackled from the BACON/BAR cost base. A half hearted load of intermitent Q400 services will be seen off by the competition pretty quickly. Still it's their train set now and I wish them luck with it. On balance I have decided not to come along for the ride.
Good luck to all who are taking the next generation airline forward. And as I said previously try to be NEW Fly Be rather than ex-anything. It will make life much easier in the long run.
I am sure the German 145 routes could make money for Fly Be when unshackled from the BACON/BAR cost base. A half hearted load of intermitent Q400 services will be seen off by the competition pretty quickly. Still it's their train set now and I wish them luck with it. On balance I have decided not to come along for the ride.
Good luck to all who are taking the next generation airline forward. And as I said previously try to be NEW Fly Be rather than ex-anything. It will make life much easier in the long run.
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This is old news. Remember, the terms of the BA Connect acquisition involves cash from BA to Flybe in exchange for 15% of the shares. This provides extra cash to fund the airline through its expansion - starting tomorrow.
"The INTRODUCER"
Bizarre thread
Really very eccentric start to this thread...
This from the report:
According to its latest accounts, published on Tuesday, Flybe fell into a pre-tax loss of £12.2m in the 12 months to the end of March last year, including exceptional items of £8.09m. That compares with a pre-tax profit of £7.8m a year earlier.
Turnover increased by 13.9 per cent to £304m, while fuel costs rose from £27.3m to £49.1m.
This from the report:
According to its latest accounts, published on Tuesday, Flybe fell into a pre-tax loss of £12.2m in the 12 months to the end of March last year, including exceptional items of £8.09m. That compares with a pre-tax profit of £7.8m a year earlier.
Turnover increased by 13.9 per cent to £304m, while fuel costs rose from £27.3m to £49.1m.
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No doubt it will be given 2 years to make a profit or it will be closed down - or else (god forbid) it might be bought out by BA and made into a franchise!
Music to the BACON boys ears who thought it would be safe to get back in the water - NOT
Music to the BACON boys ears who thought it would be safe to get back in the water - NOT
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The very next paragraph Kevin Done writes
The acquisition of BA Connect, due to be completed shortly following clearance by the Office of Fair Trading, will double Flybe’s turnover and greatly increase its presence in Manchester and Birmingham, two of the biggest regional markets in the UK. It will make the group the largest regional airline in Europe.
He goes on....
Jim French, Flybe chairman and chief executive, said in the annual report that the group had added 44 new routes in the year, a 68 per cent increase to 109, which had increased capacity, measured by available seats, by 32 per cent.
Losses on the new routes totalled around £7.5m.
Passenger volumes on the Flybe network rose by 25 per cent to 4.75m, while turnover increased on the Flybe routes, excluding the earlier Air France franchise, by 26 per cent to £304m
So as others have suggested read the report in full and make your own judgement
The acquisition of BA Connect, due to be completed shortly following clearance by the Office of Fair Trading, will double Flybe’s turnover and greatly increase its presence in Manchester and Birmingham, two of the biggest regional markets in the UK. It will make the group the largest regional airline in Europe.
He goes on....
Jim French, Flybe chairman and chief executive, said in the annual report that the group had added 44 new routes in the year, a 68 per cent increase to 109, which had increased capacity, measured by available seats, by 32 per cent.
Losses on the new routes totalled around £7.5m.
Passenger volumes on the Flybe network rose by 25 per cent to 4.75m, while turnover increased on the Flybe routes, excluding the earlier Air France franchise, by 26 per cent to £304m
So as others have suggested read the report in full and make your own judgement
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according to Amadeus all flights eg. for DUS-MAN are now loaded double into the system.
1. old BA flight no. operated by BA connect
2. new BA flight no. 47XX operated by Flybe.
1. old BA flight no. operated by BA connect
2. new BA flight no. 47XX operated by Flybe.
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No announcment has been made yet again about the acquisition of BA Connect.
Another sleepless night for a lot of staff, when will this finally happen?
Sooner the better i say, theres gaps in their scheduling at the moment and they really need to start to announce their final schedule.
Another sleepless night for a lot of staff, when will this finally happen?
Sooner the better i say, theres gaps in their scheduling at the moment and they really need to start to announce their final schedule.
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http://www.pprune.org/forums/showthr...260702&page=19
Try this link to Term and Endearments and look at link from Remoak on last page, there is a press release from BA re delay
Ian
Try this link to Term and Endearments and look at link from Remoak on last page, there is a press release from BA re delay
Ian
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Thanks Ian, to be honest it's taking the biscuit now. Theres a lot of people waiting for this announcment to see where they jobs stand and the announcment is comming months late and still being delayed.
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It`s such a shame that so many people are getting bitter about the whole thing, something had to give and I really thought that perhaps Flybe could make a go of it but with so many people upset it is going to take a long time to get people working together for the same thing.
If this all falls in a heap so many people stand to lose a lot from what was once a proud airline
Good luck to all involved
If this all falls in a heap so many people stand to lose a lot from what was once a proud airline
Good luck to all involved
Join Date: Feb 2007
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UK airport news say next week.
Can anybody clear this up:
1. How long will the current BA schedule run after the takeover?
2. When will BE order more planes to replace the Dash 8s etc?
3. Will all thr routes still operate, i.e) MAN-Germany etc.
I have seen lately that BE are expanding from MAN, they have introduced new services, and also have increased services that BA currently operate, such as MAN-GLA. Hope that BE turn MAN into a larger base than BA have done.
If BE continue the BA schedule from MAN and start new services, will this help them overtake LS as MAN's no.1 LC airline?
Can anybody clear this up:
1. How long will the current BA schedule run after the takeover?
2. When will BE order more planes to replace the Dash 8s etc?
3. Will all thr routes still operate, i.e) MAN-Germany etc.
I have seen lately that BE are expanding from MAN, they have introduced new services, and also have increased services that BA currently operate, such as MAN-GLA. Hope that BE turn MAN into a larger base than BA have done.
If BE continue the BA schedule from MAN and start new services, will this help them overtake LS as MAN's no.1 LC airline?
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Well a slight answer, at BRS there seem to be the odd cancellations here and there and they arent keeping routes such as ZRH but EZY will no doubt pick that one up
. For BRS they got EZY, but other airports could suffer from the loss of BACon lets see how it goes, i dont know the situation at other airports as of yet
. For BRS they got EZY, but other airports could suffer from the loss of BACon lets see how it goes, i dont know the situation at other airports as of yet
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Your right.
BRS shouldn't feel it too hard with EZY supporting it, but MAN and BHX may feel a little nip in side over the next few months. Hope BE can expand at both the airports (probably not so much BHX as it is already a huge force there).
BRS shouldn't feel it too hard with EZY supporting it, but MAN and BHX may feel a little nip in side over the next few months. Hope BE can expand at both the airports (probably not so much BHX as it is already a huge force there).