FlyBe - 6
watch them fall like a lead ballon then.
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kcockayne
As a former employee, one might think I have lost interest in the company however it is not the case. I have many friends that work there and as such, want the company to succeed thus providing my friends with a life, a family and financial support needed. They are the "lucky" ones in that they are still there working hard to keep things ticking over.
I agree that the current Management team leading the restructuring had, possibly and one could argue this, a large involvement in putting where Flybe is today. Whether that includes the negative side of the company, or you look at all the airlines achievements is up to you. However what I would say is that having 40 years experience in an industry does not necessarily mean you are the very best in it as times change and modern ways of thinking, doing things and technology ultimately take over. These are a lot of Flybe's problems I believe. Although with the turn around, there are Management who are more than capable of bringing Flybe back to profit and they are in different, more influential roles now.
You say that Flybe's decisions are frightening their employees - I can only go by my own observations and yes, again to an extent this is true but only when looking at it in a little bit of a tunnel visioned sort of way. There may be a feeling from some that the wrong assets have been removed in terms of the restructure (staff) but everyones views are different. I have not however heard anyone yet show concern over LGW - why would they? £20 million towards the turn around plan thank you very much. If the routes are not making money, get rid - the company isnt a charity.
We can only wait and see what happens on this one
As a former employee, one might think I have lost interest in the company however it is not the case. I have many friends that work there and as such, want the company to succeed thus providing my friends with a life, a family and financial support needed. They are the "lucky" ones in that they are still there working hard to keep things ticking over.
I agree that the current Management team leading the restructuring had, possibly and one could argue this, a large involvement in putting where Flybe is today. Whether that includes the negative side of the company, or you look at all the airlines achievements is up to you. However what I would say is that having 40 years experience in an industry does not necessarily mean you are the very best in it as times change and modern ways of thinking, doing things and technology ultimately take over. These are a lot of Flybe's problems I believe. Although with the turn around, there are Management who are more than capable of bringing Flybe back to profit and they are in different, more influential roles now.
You say that Flybe's decisions are frightening their employees - I can only go by my own observations and yes, again to an extent this is true but only when looking at it in a little bit of a tunnel visioned sort of way. There may be a feeling from some that the wrong assets have been removed in terms of the restructure (staff) but everyones views are different. I have not however heard anyone yet show concern over LGW - why would they? £20 million towards the turn around plan thank you very much. If the routes are not making money, get rid - the company isnt a charity.
We can only wait and see what happens on this one
MP for Caithness & Sutherland (far north of Scottish mainland) reports that Vince Cable has agreed to consider referring the Gatwick-Easyjet slot sale to the Competition Commission.
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Don't see any mileage in this for the competition authority, yes the sale will give EZ near on 50% of all LGW slots, but Flybe want out, if the North of Scotland want flights to LGW then they should start by binning APD that has done so much damage to Flybe, let them drive or catch the train or add flights to the growing list of subsides that keeps Scotland living in dream land at the expense of London.
Flybe is caught between a rock and a hard place, it cannot compete with the likes of Easy, FR but its scale of operations is to big to be a niche operator like bmir or Eastern, i see major cuts going forward, the going rate for a flight A 2 B across Europe is probably no more than £80 unless your at a major hub (or need to be) £80 doesn't get you far with Flybe
Flybe is caught between a rock and a hard place, it cannot compete with the likes of Easy, FR but its scale of operations is to big to be a niche operator like bmir or Eastern, i see major cuts going forward, the going rate for a flight A 2 B across Europe is probably no more than £80 unless your at a major hub (or need to be) £80 doesn't get you far with Flybe
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Quote: "MP for Caithness & Sutherland (far north of Scottish mainland) reports that Vince Cable has agreed to consider referring the Gatwick-Easyjet slot sale to the Competition Commission. "
Sounds very unusual, is this because U2 is the sole carrier on LGW-INV?
Haven't heard of this happening on other routes where one of two operators comes off the route (e.g. BD off LHR-GLA in 2011), apart from the case of the "remedy slots" when BA bought BD, but that was LHR-slot specific and would not apply to LGW.
Sounds very unusual, is this because U2 is the sole carrier on LGW-INV?
Haven't heard of this happening on other routes where one of two operators comes off the route (e.g. BD off LHR-GLA in 2011), apart from the case of the "remedy slots" when BA bought BD, but that was LHR-slot specific and would not apply to LGW.
Lord Thurso (yes, hereditary peer who is an MP) has said publicly he has concerns over Easyjet neing the monopoly airline on Inverness-London (not just Gatwick). Unless another airline shows up, Guernsey and Newquay would also both have a monopoly airline on their London routes after late March 2014
Lord Thurso and Vince Cable are both longstanding LibDems.
Lord Thurso and Vince Cable are both longstanding LibDems.
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A whiff of hypocrisy? - The Lib-Dems and the so called ‘green’ policies they espouse are part of the reason for the lack of runway capacity in the South East, that has created the supply and demand situation, that allows the airports to charge the high prices, that have driven Flybe off these routes. - or have I got that wrong?
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" to the growing list of subsides that keeps Scotland living in dream land at the expense of London"
Facelookbovvered - I know this is off topic but I really need to know what this growing list is. Please PM me as this is one of the most bizarre 'chip on shoulder' comments I have ever come across on PPrune.
Facelookbovvered - I know this is off topic but I really need to know what this growing list is. Please PM me as this is one of the most bizarre 'chip on shoulder' comments I have ever come across on PPrune.
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Flybe cuts jobs and wages as losses soar
Flybe cuts jobs and wages as losses soar
21st June 2013
inShare
Share:By Andy Coyne - Editor, West Midlands
LOW cost airline Flybe - the largest carrier in terms of flight volume at Birmingham Airport - has seen its losses increase dramatically.
Announcing its preliminary results for the year to March 31, the airline reported a loss before tax of £40.7m (2011/12: loss of £6.2m).
And the firm is getting rid of a fifth of its workforce in an attempt to turn its fortunes around.
Flybe, which is in the middle of a restructuring process, said the results are in line with expectations.
And revenue under management for the year was up by 15.1% to £781.5m.
Flybe says it is making progress with 'Delivery and Future Direction', the package of measures it has implemented in order to return its UK based businesses to profitability.
It says its target cost savings of £25m under phase 1 of the turnaround plan have been exceeded, with £30m of annual cost savings now secured for year 2013/14 onwards.
Phase 2 of the plan is now being implemented, targeting a further £10m of savings in 2013/14, rising to around £20m from 2014/15. This would take total annual cost savings to some £50m from 2014/15 onwards.
The airline’s UK based head count is being reduced by more than 20% and Flybe says it has reached an agreement in principle with the British Airlines Pilots Association for up to a 5% reduction in salary in return for extra time off.
The turnaround plan is being financed in a number of ways including the transfer of arrival and departure slots at London Gatwick Airport to easyJet for £20m, subject to a simple majority shareholder approval.
Jim French CBE, Flybe's chairman and chief executive officer, said: "Flybe has exceeded its target of taking out £25m from its cost base during 2013/14 and will deliver around £40m in savings in this current financial year, expected to rise to £50m annualised savings from 2014/15 onwards.
“In the last few months we have streamlined the business, reducing UK-based headcount by more than 20%. We have also made major progress in reducing the cost of our supplier base.
''Our results for 2012/13, while expected, are nonetheless disappointing. During the year, we have taken difficult decisions as part of our turnaround plan, which have affected all our people. Challenging as they have been, these decisions were critical to ensuring the future success of Flybe.
"As outlined above, our turnaround plan has involved considerable efforts to reduce the cost base of the business. Inevitably, and sadly, this process has to date involved the departure of around 490 people from the business. We do not underestimate the effect of these difficult decisions on those staff leaving and the friends and colleagues that they leave behind.”
21st June 2013
inShare
Share:By Andy Coyne - Editor, West Midlands
LOW cost airline Flybe - the largest carrier in terms of flight volume at Birmingham Airport - has seen its losses increase dramatically.
Announcing its preliminary results for the year to March 31, the airline reported a loss before tax of £40.7m (2011/12: loss of £6.2m).
And the firm is getting rid of a fifth of its workforce in an attempt to turn its fortunes around.
Flybe, which is in the middle of a restructuring process, said the results are in line with expectations.
And revenue under management for the year was up by 15.1% to £781.5m.
Flybe says it is making progress with 'Delivery and Future Direction', the package of measures it has implemented in order to return its UK based businesses to profitability.
It says its target cost savings of £25m under phase 1 of the turnaround plan have been exceeded, with £30m of annual cost savings now secured for year 2013/14 onwards.
Phase 2 of the plan is now being implemented, targeting a further £10m of savings in 2013/14, rising to around £20m from 2014/15. This would take total annual cost savings to some £50m from 2014/15 onwards.
The airline’s UK based head count is being reduced by more than 20% and Flybe says it has reached an agreement in principle with the British Airlines Pilots Association for up to a 5% reduction in salary in return for extra time off.
The turnaround plan is being financed in a number of ways including the transfer of arrival and departure slots at London Gatwick Airport to easyJet for £20m, subject to a simple majority shareholder approval.
Jim French CBE, Flybe's chairman and chief executive officer, said: "Flybe has exceeded its target of taking out £25m from its cost base during 2013/14 and will deliver around £40m in savings in this current financial year, expected to rise to £50m annualised savings from 2014/15 onwards.
“In the last few months we have streamlined the business, reducing UK-based headcount by more than 20%. We have also made major progress in reducing the cost of our supplier base.
''Our results for 2012/13, while expected, are nonetheless disappointing. During the year, we have taken difficult decisions as part of our turnaround plan, which have affected all our people. Challenging as they have been, these decisions were critical to ensuring the future success of Flybe.
"As outlined above, our turnaround plan has involved considerable efforts to reduce the cost base of the business. Inevitably, and sadly, this process has to date involved the departure of around 490 people from the business. We do not underestimate the effect of these difficult decisions on those staff leaving and the friends and colleagues that they leave behind.”
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Quote: "A whiff of hypocrisy? - The Lib-Dems and the so called ‘green’ policies they espouse are part of the reason for the lack of runway capacity in the South East, that has created the supply and demand situation, that allows the airports to charge the high prices, that have driven Flybe off these routes. - or have I got that wrong?"
Sounds spot-on to me!
Would say more "rank" hypocrisy than "a whiff of" hypocrisy.
Sounds spot-on to me!
Would say more "rank" hypocrisy than "a whiff of" hypocrisy.
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Flybe
Odd to read low cost airline flybe......
I believe staff were very lucky they didn't get involved with FR , still tough times but good luck any airline flying so many empty seats so often to DUblin on a daily year round basis clearly has a secret hoard of cash to burn , but not a low cost airline. Mgmt are the issue in Flybe , maybe tie for a change ?
I believe staff were very lucky they didn't get involved with FR , still tough times but good luck any airline flying so many empty seats so often to DUblin on a daily year round basis clearly has a secret hoard of cash to burn , but not a low cost airline. Mgmt are the issue in Flybe , maybe tie for a change ?
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Daily Mail are reporting today in an article about latest Flybe financial results that they have recently quit LGW ! Not great PR as they don't stop until end of Winter 2013/14 at end of March .Should Be not sue DM for damage to their business ?
BCALBOY - going to the courts over a journalistic mistake seems a little drastic. If Flybe were to sue, they can forget about any articles in the Mail's travel section ever mentioning Flybe in a positive way again
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New CEO appointed - Jim French to stand down from 1st Aug
Flybe Group plc
("Flybe" or "the Group")
Appointment of Chief Executive Officer
The Board of Flybe is pleased to announce the appointment of Saad Hammad as Chief Executive Officer with effect from 1 August 2013. He will bring considerable airline, commercial and business transformation experience to Flybe.
As Chief Commercial Officer of easyJet plc from October 2005 to April 2009, Mr Hammad was credited as being the architect and driving force behind the airline's commercial transformation, delivering significant revenue growth and margin enhancement and creating the European network which formed the basis of building easyJet into one of Europe's most successful airlines.
Mr Hammad was also, between May 2011 and October 2012, a non-executive Director of Air Berlin plc, the second largest airline in Germany with c€4bn in revenue, where he was a member of the Finance Committee.
Mr Hammad is currently a Managing Director at the Gores Group, an operations-focused private equity firm with c.$4bn under management, where he has been responsible for leading operational due diligence efforts across Europe as well as working with portfolio company executive teams to achieve full operational potential.
Previously, Mr. Hammad held a number of leadership positions in brand management, sales and marketing and retailing at Procter & Gamble, Thorn-EMI, Vision Express and the Minit Group and was Managing Director - Europe at Tibbett & Britten, the leader in consumer product logistics where he led a major business turnaround. Between August 2007 and March 2009, Mr Hammad was a director of Optos plc.
He spent three years with the Boston Consulting Group in London where he worked with the top management of leading corporations primarily in consumer-goods and retailing on developing growth strategies and driving operational improvement programmes.
Mr. Hammad holds a BA (Hons) in Politics, Philosophy and Economics from Oxford University and an MBA from INSEAD.
Jim French, CBE currently Chairman and Chief Executive Officer of Flybe, will become non-executive Chairman, also with effect from 1 August 2013.
Mr French commented:
"We are delighted to welcome Saad to Flybe. He brings with him a wealth of industry experience as well as a track record of leadership and Board positions across a range of public and private businesses and we are very much looking forward to working with him.
"Flybe has recently updated the City on the significant progress made in its major turnaround plan which is on track to deliver over £50m in long-term cost savings and has generated over £40m in cash to fund the transition.
"The next key elements of the plan are to capitalise on its revised competitive low cost-base and Flybe's strong brand profile.
"The Board is delighted that Saad is joining Flybe and we look forward to working with him and supporting him in taking the airline forward to the next stage in its development.
Saad Hammad added:
"I am very much looking forward to the opportunity of building on what has already been achieved under Jim's stewardship and also on the firm foundations for commercial improvement which he and the Board have made so far this year.
"Flybe is making excellent progress on its turnaround plan. The business is once again 'fit to compete' and, with further opportunities to drive its competitive advantages, I look forward to leading Flybe into a new and exciting era."
Flybe confirms that there is no further information which is required to be disclosed pursuant to paragraph 9.6.13 of the UK Listing Rules.
3 July 2013
("Flybe" or "the Group")
Appointment of Chief Executive Officer
The Board of Flybe is pleased to announce the appointment of Saad Hammad as Chief Executive Officer with effect from 1 August 2013. He will bring considerable airline, commercial and business transformation experience to Flybe.
As Chief Commercial Officer of easyJet plc from October 2005 to April 2009, Mr Hammad was credited as being the architect and driving force behind the airline's commercial transformation, delivering significant revenue growth and margin enhancement and creating the European network which formed the basis of building easyJet into one of Europe's most successful airlines.
Mr Hammad was also, between May 2011 and October 2012, a non-executive Director of Air Berlin plc, the second largest airline in Germany with c€4bn in revenue, where he was a member of the Finance Committee.
Mr Hammad is currently a Managing Director at the Gores Group, an operations-focused private equity firm with c.$4bn under management, where he has been responsible for leading operational due diligence efforts across Europe as well as working with portfolio company executive teams to achieve full operational potential.
Previously, Mr. Hammad held a number of leadership positions in brand management, sales and marketing and retailing at Procter & Gamble, Thorn-EMI, Vision Express and the Minit Group and was Managing Director - Europe at Tibbett & Britten, the leader in consumer product logistics where he led a major business turnaround. Between August 2007 and March 2009, Mr Hammad was a director of Optos plc.
He spent three years with the Boston Consulting Group in London where he worked with the top management of leading corporations primarily in consumer-goods and retailing on developing growth strategies and driving operational improvement programmes.
Mr. Hammad holds a BA (Hons) in Politics, Philosophy and Economics from Oxford University and an MBA from INSEAD.
Jim French, CBE currently Chairman and Chief Executive Officer of Flybe, will become non-executive Chairman, also with effect from 1 August 2013.
Mr French commented:
"We are delighted to welcome Saad to Flybe. He brings with him a wealth of industry experience as well as a track record of leadership and Board positions across a range of public and private businesses and we are very much looking forward to working with him.
"Flybe has recently updated the City on the significant progress made in its major turnaround plan which is on track to deliver over £50m in long-term cost savings and has generated over £40m in cash to fund the transition.
"The next key elements of the plan are to capitalise on its revised competitive low cost-base and Flybe's strong brand profile.
"The Board is delighted that Saad is joining Flybe and we look forward to working with him and supporting him in taking the airline forward to the next stage in its development.
Saad Hammad added:
"I am very much looking forward to the opportunity of building on what has already been achieved under Jim's stewardship and also on the firm foundations for commercial improvement which he and the Board have made so far this year.
"Flybe is making excellent progress on its turnaround plan. The business is once again 'fit to compete' and, with further opportunities to drive its competitive advantages, I look forward to leading Flybe into a new and exciting era."
Flybe confirms that there is no further information which is required to be disclosed pursuant to paragraph 9.6.13 of the UK Listing Rules.
3 July 2013
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It seems Flybe have started to 'push' Southampton as an alternative to the London airports in some of the papers in fitting with what was said in their restructuring plan.
https://twitter.com/suttonnick/statu...070976/photo/1
https://twitter.com/suttonnick/statu...070976/photo/1