Flybe a 'ray of sunshine' in gloomy market

Flybe is ‘a little ray of sunshine in an otherwise gloomy commercial airline industry’, according to an upbeat editorial in the latest edition of the influential aviation magazine, Flight International (7-13 October, 2008).

The editorial is testament to the high profile recognition enjoyed by Flybe following its recently announced financial results: that being record annual pre-tax profits in 2007-08 and a 14% increase in 08/09 Q1 profit, an unprecedented achievement when viewed against what is currently a globally loss- making industry.

Flight International Operations & Safety Editor, David Learmount, goes on to say: ‘(Flybe) provides carriers with proof that – given the right business strategy and tactics, it’s possible simultaneously to expand profits in a receding economy…..when an airline gets all its ducks in a row, while everyone else is frantically retrenching, maybe there’s something to be learned from its thinking….’

Mike Rutter, Flybe’s Chief Commercial Officer, comments; “With many industry players struggling in light of the current economic instability, Flybe continues to go from strength to strength.”

“Over the last six years, Flybe has grown from an airline with 41 routes and 1.9 million passengers to what it is today: an internationally recognised brand that flew 7-million passengers last year, with new aircraft orders worth $2bn and now selling to over 190 routes throughout regional Europe today. This has all helped to deliver passenger and turnover growth considerably since 2002.

“The combination of our long-term strategy, focused management actions and strong cash position gives us a major opportunity to maximise the opportunities that will surely come as the industry enters a period of consolidation.”