www.flybe.com

Flybe Group plc

("Flybe" or "the Group" or "the Company")



Update on Strategic Review



In its last Interim Management Statement, issued on 8 August 2013, Flybe confirmed that Saad Hammad, its new Chief Executive Officer, had commenced a full review of the Group's operations and would report in due course on the future strategic development and direction of the business.



Whilst the review is on-going, it is already apparent that the future direction of the business will be best advanced through a unified and lower cost operational approach. Consequently, the current divisional structure, comprising Flybe UK and Flybe Outsourcing Solutions, will be disbanded and all operations integrated into a single operating unit.



As a result of this re-organisation, Andrew Strong, Managing Director of Flybe UK, Mike Rutter, Managing Director of Flybe Outsourcing Solutions and Mark Chown, Director of Corporate Strategy, left their positions with Flybe on 13 September 2013. The Board wishes Andrew, Mike and Mark well for the future and also thanks them for their significant contributions at Flybe.



As previously announced, Paul Simmons will join Flybe as Chief Commercial Officer with effect from 28 October 2013. Flybe is also pleased to confirm that with immediate effect Matt Bennett currently Director of Internal Audit and Risk will, in addition to his current duties, act as Director of Special Projects, while John Palmer currently Director of Aircraft Maintenance will become (Interim) Director of Operations whilst a search is conducted for this role. Paul, Matt and John will report to Mr Hammad and act as members of the Operating Board.



Saad Hammad commented:



"It has quickly become clear to me that Flybe's prospects will be significantly enhanced by disbanding the existing divisional structure and integrating all operations into a single, simpler and lower cost operating unit. Today's announcement facilitates that move and will form an important part of the strategic review of the business which I expect to conclude in November. I look forward to sharing its full conclusions."



Ends



16 September 2013

very chance of 100p next week.

Keeps stalling around the 90p level mitzy, but it does look ready now to finally get through that psychological barrier.

Flybe turnaround gains momentum
StockMarketWire.com
Flybe's group revenues rose by 3% to £351.1m in the six months to the end of September as the company's turnaround gained momentum.

The group posts an adjusted profits before tax, restructuring and surplus capacity costs and revaluation on US dollar aircraft loans of £12.2m against a loss of £2.3m last time.

And the group posts an adjusted profit before tax and restructuring of £17.1m against a loss of £1.6m a year ago.

Chief executive Saad Hammad said: "I joined Flybe in August this year. It was clear to me that the existing Phase 1 and 2 cost savings were necessary, but we simply needed to do more and to do it immediately. The business needed action now and so today we are explaining our next phase which encompasses a review of everything we do and how we do it.

"Most of the immediate actions are completed, being implemented or already being consulted on. Unfortunately there is a proposal for further redundancies. We will consult with the trade unions and employees to ensure that this is done fairly and delivers the right outcome for the business.

"While the economic environment remains challenging, the board is confident that the actions announced today will provide a firm basis for future growth.

"We will make Flybe the best local airline in Europe. This is ambitious, but achievable provided that we can transform our cost base and efficiency now."

good chance of 100p going forward.

Top riser today.

RNS major shareholder sells up, sp 94.5p down 9%.

I'm sure it will recover in the new year.

Good to see you in Mitzy, Ive been in since a double bottom in july. Not a big holding but pleased with the progress over last few days bar yesterday.

RESEARCH ALERT-Flybe: HSBC raises to overweight14 Nov 2013 - 04:26

Nov 13 (Reuters) - Flybe Group PLC : * HSBC raises to overweight from neutral; raises price target to 125p from 90p For a summary of rating actions and price target changes on European companies: Reuters Eikon users, click on [RCH/EUROPE] Reuters 3000Xtra users, double-click [RCH/EUROPE] Thomson ONE users, type in RT/RCH/EUROPE ((nyc.equities.newsroom@reuters.com); (Reuters Messaging: saqib.ahmed.thomsonreuters.com@reuters.net) ((Bangalore Newsroom +91 80 6749 1130; within U.S. +1 646 223 8780))

Turnaround is impressive is good sign for me.

FLYB HSBC Overweight 98.00 93.00 90.00 125.00 Upgrades

Old target price was 90p new target price 125p

a 38.8% upgrade of the SP.

Yep mitzy wish I had bought more back in the summer.

Might add a few today, just carefully watching as I think the markets are due a retrace at some time before the xmas rally.

Room for one more ?

Choo choo :-)

All aboard.

FLYB in the Times

The family of the late steel tycoon Jack Walker has sold its controlling stake in Flybe, ending 30 years of ownership of the struggling regional airline.
Rosedale Aviation, the Channel Islands’ holding company for the Walker estate, offloaded its 48.1 per cent stake for about £36 million on Tuesday, taking advantage of a sharp rise in the shares after Flybe’s new boss set out a restructuring plan.
In the wake of the sale, Flybe’s shares tumbled by 11 per cent to 93p yesterday. Buyers of the stock included two institutional investors, Aberforth Partners and Polar Capital.
Saad Hammad, chief executive of Flybe, described the Walkers’ exit as a “milestone” in the airline’s history. He said: “I would like to take this opportunity to welcome aboard our new shareholders and thank existing investors who have increased their holdings.”
Advisers to Flybe suggested that the ease with which the shares were placed with institutional investors amounted to a vote of confidence in Mr Hammad’s turnaround plan for the airline.
Gerald Khoo, an analyst at Liberum Capital, said: “Rosedale is effectively [Flybe’s] founding shareholder. It has presumably been looking to diversify its investment over the long term.”
Flybe has been buffetted by high fuel costs, rising taxes on airline tickets and tough competition from budget rivals, such as easyJet and Ryanair. Mr Hammad intends to cut 500 jobs, amounting to a fifth of the workforce, and has criticised previous management, describing the airline as “a good idea, poorly executed”.
Founded as Jersey European Airways in 1979, the embryonic airline was bought by Walkersteel in 1983. The tycoon sold his steel business to British Steel in 1990 and spent part of the proceeds on his home town football club, Blackburn Rovers, which won the Premier League in 1995. However, throughout this time, he retained control of Flybe. He died in 2000.
Flybe expanded by buying British Airways’ regional business BA Connect in 2007 and went public on the stock market in 2010. Jim French, Mr Walker’s former protégé, resigned as the airline’s chairman last week.

www.thetimes.co.uk/tto/business/industries/transport/article3920986.ece

Not sure if this was posted yesterday...

(cant find it apologies if it was)

Flybe Group PLC (FLYB)06:30 ET Nov 13, 2013
Analyst Comment by Liberum Capital

It has presumably been looking to diversify its investment over the long term and the IPO of Flybe was part of that process , the sale of the remaining stake yesterday completes that process," Liberum analyst Gerald Khoo told Reuters. more
It has presumably been looking to diversify its investment over the long term and the IPO of Flybe was part of that process , the sale of the remaining stake yesterday completes that process," Liberum analyst Gerald Khoo told Reuters.....

Flybe's majority shareholder bows outReuters
November 13, 2013, 6:57 pm tweet0EmailPrint
By Richa Naidu

(Reuters) - Flybe Group Plc said majority shareholder Rosedale Aviation Holdings has sold its entire 48.1 percent stake in the airline to institutional investors.

Flybe shares fell as much as 15 percent in early trade, making the embattled carrier's stock one of the biggest percentage losers on the London Stock Exchange on Wednesday morning.

The company's free float is now expected to increase to 85 percent, Flybe said in a statement on Wednesday.

The stake was sold through Liberum Capital, which said the buyers were UK institutions but declined to provide any additional details. At Tuesday's closing, Rosedale's stake was valued at about 38 million pounds ($60.52 million).

Chief Executive Saad Hammad indicated that some existing investors had increased their holding in Flybe as part of this transaction.

Flybe's second largest shareholder is British Airways owner International Consolidated Airlines Group , with a 15 percent stake as on June 14. Flybe's other shareholders include billionaire investor George Soros and recently departed chairman Jim French.

"Rosedale is effectively (Flybe's) founding shareholder. It has presumably been looking to diversify its investment over the long term and the IPO of Flybe was part of that process - the sale of the remaining stake yesterday completes that process," Liberum analyst Gerald Khoo told Reuters.

Rosedale Aviation, controlled by the family trust of the late Jack Walker, the steel magnate, owned as much as 69 percent of Flybe. That stake reduced to just under 50 percent when the carrier went public in December 2010.

Like many other European airlines, Flybe has responded to soaring fuel costs, higher airport charges and slower spending on air travel by shutting down unprofitable routes and limiting its spending.

The airline said on Monday it would cut 500 jobs in addition to the 590 positions it axed earlier in the year. The airline also said it would further reduce its routes, review its fleet mix, remove surplus capacity and improve aircraft and crew utilisation.

Carriers such as Lufthansa AG , Air France-KLM and Spain's Iberia have also cut thousands of jobs over the last year and reined in capacity growth.

Flybe's shares, which have gained about 103 percent since it started slashing jobs in January, were down about 11 percent at 93.34 pence at 1043 GMT.


(Reporting by Richa Naidu in Bangalore; Editing by Supriya Kurane)

Flybe's second largest shareholder is British Airways owner International Consolidated Airlines Group , with a 15 percent stake as on June 14

Waiting for broker Espirito Santo Execution Noble
to update the market possibly later today
or monday.

REG - Flybe Group Plc - Update on Consultation Process

15 Nov 2013 - 13:36

For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20131115:nRSO1783Ta RNS Number : 1783T Flybe Group PLC 15 November 2013 Flybe Group PLC ("Flybe" or "the Group" or "the Company") Update on consultation process Further to the announcement on 11 November 2013, Flybe has commenced collective consultations with Balpa, Unite, Prospect and employee representatives in respect of the Company's proposal to make around 500 redundancies in the UK. The consultations with the trades unions have been constructive and it has been agreed with the respective unions that, in order to assist the consultation process and to provide transparency across the business, the Company will publish details of the proposed base closures and proposed reductions in employee numbers that form part of the consultation process. The proposals under consultation include the proposed base closures at Aberdeen, Guernsey, Inverness, Isle of Man, Jersey and Newcastle. Separately, details of the proposed redundancies at each base are set out in the table below. Proposed Redundancies by Base Aberdeen Belfast city Birmingham Edinburgh Exeter Guernsey Glasgow Totals 12 52 49 49 116 12 37 Proposed Redundancies by Base Inverness Isle of Man Jersey Manchester Newcastle Southampton Totals 35 49 35 13 17 17 Saad Hammad, Chief Executive, commented: "We are committed to connecting the UK's regions and we intend to continue flying to these airports after the base closures. "I know that these proposals are creating great personal uncertainty but they are necessary to secure a long-term future for Flybe and I am grateful to the various union and staff representatives for the very constructive manner in which we have been able to commence the consultation process. I hope that the detail of the proposed base closures and staff cuts will further assist that process." 15 November 2013 Enquiries: FlybeSaad Hammad, Chief Executive Officer Tel: +44 20 7457 2020 Andrew Knuckey, Chief Financial Officer Niall Duffy, Director of Communications College HillMark Garraway Tel: +44 20 7457 2020 Helen Tarbet This information is provided by RNS The company news service from the London Stock Exchange