flybe financial analysis

Flybe Group PLC Financial Analysis

ULMS701 2012

Is the domestic air travel boom over?

ULMS 701 – Managing Financial Resources

Report

Module Leader: Dr. David Brookfield

Student: Marco Rodolfo Marabese

ID 200819669 - The Liverpool MBA

Word Count : 1,996 (excluding Table of Contents, Captions, Footnotes, Appendixes and

References)

Flybe Group PLC

Page 1

Flybe Group PLC F I N A N C I A L A N A L Y S I S

Table of Contents

1. Introduction .................................................................................................................... 2

2. Market and Competitors ............................................................................................ 3

3. Financial Analysis ......................................................................................................... 4

4. Value Drivers’s Analysis ........................................................................................... 11

5. Conclusions ................................................................................................................. 12

6. Appendixes ................................................................................................................ 16

7. Table of Figures ........................................................................................................ 19

8. References .................................................................................................................. 20

Flybe Group PLC

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1. Introduction

December 10, 2010 was a crucial day in the history of Flybe1—a leading UK airline. Eight

years after its establishment, the Exeter-based company announced its flotation at London Stock

Exchange (LSE). The launch price of the company was 295p per share, with the global value of

the business an estimated £215 million; just one day after flotation, shares rose in value by

16%, subsequently equating to 341.25p with revenue of £60 million for the airline operator. An

enthusiastic Jim French2, Chairman of the company, stated that, ‘The listing has given the business

the platform to expand in continental Europe. It is a massive market. We are taking Flybe into

Europe as a regional airline’ (Milmo, 2010b). The highly positive start promised a great future

for the company as a leader in the UK’s top airline operators. Finally, the great investment of

Jack Walker and his family was accomplished.

However, after a few months, something went wrong: the shares’ value fell to 65p3 with a loss of

78% following flotation. Subsequently, Jim French stated, ‘I'm more frustrated than cross. I'm

frustrated for my staff and management who are delivering a great business but see the shares

given a kicking by people who don't appreciate the complexities of this business’ (Osborne,

2011). Despite good results of Flybe in a doldrums market, the investors did not reward the

business of the company. With this in mind, in an attempt to gain understanding, this report will

analyse the historical record of the company and its position in the market, and will further

assess the value drivers and financial company performance with the use of key performance

indicators (KPIs) and key ratios.

1 Flybe Group PLC (styled Flybe) (LSE: FLYB). 2 Jim French is the Chairman and Chief Executive Officer of Flybe since its creation (2002). Considered one of the best managers in the airline industry, he was elected twice as “Airline Executive of the Year” (2002 and 2004) (source Flybe Corporate Media : http://www.flybe.com/corporate/media/management_team.htm). 3 Share price on October 6, 2011 (Osborne, 2011).

Flybe Group PLC

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2. Market and Competitors

Flybe is a leading UK airline company and, with over 6.7 million passengers in 2010, is the fifth

most popular airline company in the UK (the third excluding Thomson Airways and Thomas Cook

Airlines—two specialised charter companies)4.

The company, born as Jersey European Airways in 1979, was re-branded in 2002 as Flybe

(with ‘be’ representing British European), and accordingly changed its strategy and structure. In

order to survive in a new competitive arena, the airline operator changed its model and became

a low-cost regional airline based on the no-frills model, leveraging regional airports in Europe

with a focus on the UK market. With this new model, Flybe was in strong competition with two

major low-cost operators in the European market—Ryanair and EasyJet—as well as direct

competitors represented by other UK no-frills and regional operators, such as Jet2.com, Monarch

and Bmibaby.

As defined by Jim French, ‘Ryanair's appeal is based on price. Ours is convenience’(Milmo,

2010b), meaning that the organisational strategy is concerned with a particular sector of the

market and pursuing an affordable way to travel from the nearest regional airport. Proof of

this strategy is the high number of UK airports served by the company (405), which makes the

company one of the most widespread in the country.

4 According to Civil Aviation Authority (CAA) data (http://www.caa.co.uk) the total number of passengers (PAX) in 2010 was: EasyJet 42.4m (passengers); British Airways 29.7m; Thomson Airways 10.9m; Thomas Cook 8.1m; Flybe 6.7m. 5 As stated in Flybe Annual Report 2010-11(p. 3).

Flybe Group PLC

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3. Financial Analysis

This section will analyse Flybe’s performance compared with two major competitors: Ryanair6

and EasyJet.7.

Despite a turbulent market8, Flybe has increased its year-by-year revenue during the last 4

years (with the exception of 2010). In actual fact, as can be seen from Flybe’s 2010 Annual

Report, there was a decrease in turnover of 1% (Flybe, 2010); nevertheless, good performance

was recognised during the financial year 2010–2011, which enabled the company to gain more

than 4.4% in revenue9.

Figure 1 - Flybe Total Revenues (2008-2011)

6 Ryanair (LSE: RYA) (http://www.ryanair.com) is an Irish low-cost airline based in Dublin. According to its 2011 Annual Report, it is “The World’s favourite Airline” with the highest number of international scheduled passengers. It is one of the most prominent low-cost company in the world and it is leader in Europe. It can be used as a benchmark inside the low-cost airline industry. 7 EasyJet (EasyJet Airline Company Limited) (LSE: EZJ) (http://www.easyjet.com/) is a British low-cost airline based in London Luton Airport. It is the second largest low-cost carrier with over 40million passenger in 2010 (Source: Civil Aviation Authority). Both with Ryanair represents one of the most successful low-cost model in Europe. For the financial year 2010-11 (ended on 30 September 2011) EasyJet published a short report of strong performances. 8 As stated in CNNMoney Special Report: Airline Turbulence (http://money.cnn.com/news/specials/airlines/) the sector is in one of the most difficult periods of its history due to several factors. 9 With an average annual increase of 3.64%, lower than the competitor's average.

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Total Revenues (2008-2011)

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http://www.ryanair.com/

http://www.easyjet.com/

http://money.cnn.com/news/specials/airlines/

Flybe Group PLC

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Figure 2 : Revenue increase (decrease) comparison (2008-2011)

However, recent history suggests that the company has been struggling in the face of mounting

costs and increasing competitions. As can be seen from Figure 3, Flybe has faced a drastic

decline in terms of operating profit, experiencing a fall of 88% during 2008–2011, from £39.6

million to £4.7 million (with a significant reduction of 52.3% in 2011). Furthermore, by analysing

the EBIT, the company can be seen to have incurred a loss of £4.3 million (2011) compared with

a profit of £24.6 million the previous year (2010).

Figure 3: Operating profit (2008-2009)

-5.00%

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2008/09 2009/10 2010/11

Revenue Increase (Decrease) Comparison (2008-2011)

FLYBE RYANAIR EASYJET

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Operating Profit (2008-2011)

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Flybe Group PLC

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Moreover, taking into account the gross profits margin of Flybe for the years 2008–2011, these

are seen to be lower than competitors. Despite ratio stability, showing an average of 12.59%

(lower in 2009 at a rate of 9.66%; higher in 2010 by 14.81%), Figure 4 shows that Ryanair

and EasyJet have better margins10.

Figure 4: Gross Margin comparison (2008-2011)

The situation is similar for the ‘Net Profit Margin’ ratio; this indicator has been drastically slashed

to 0.77% in the accounting year 2010–2011, starting from 4.58% in 2010. During the same

period, Ryanair experienced an average of 10.3% 11.

Despite the worsening of company performance, expectations of Flybe’s board were in-line with

the results, which is believed to be owing to a challenging condition for all airline operators12. In

Flybe’s case, several factors contribute to the low profitability of the business. First of all, the

price of fuel which, in February 2011, hit the record of $110 per barrel; the total cost of fuel

increased more than 6.8% during the last two financial years (from £86.6 million to £92.5

10 Ryanair 25,13%, EasyJet 14,48%. 11 EasyJet 8.23%. 12 As stated in Flybe Annual Report 2010-11.

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2008 2009 2010 2011

Gross Margin Comparison (2008 - 2011)


Flybe Group PLC

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million), with an average per-seat cost of £7.9713. In order to improve this situation, Flybe

introduced a fuel surcharge of £3.00 per passenger14.

Figure 5: Net profit comparison (2008-2011)

Furthermore, ‘Aircraft ownership costs’—which include maintenance, insurance and other

expenses—and ‘Net airport costs’—comprising route charges and control provider charges—

both increased; in the first case, there was an increment of 14.4%, whilst in the second case, the

percentage was 4.3%. According to the Annual Report, these two items increased as a result of

exchange rate movements and increases in suppliers’/partners’ rates.

However, despite a reduction of 1.3% during the last financial year (from £111.7 million to

£110.3 million), staff costs represent one of the highest expenses to the company. The actual

staff is recognised as being made up of 2,949 people15 and, by analysing the ‘Revenue per

Employee’ ratio of the Exeter-based company, it can be seen that staff figures are lower by less

than a half when compared with the other two competitors (not in line with a normal low-cost

company performance). Figure 6 shows the comparison with Ryanair and EasyJet during the last

13 As stated in Flybe Annual Report 2010-11. 14 As reported in BBC article (http://www.bbc.co.uk/news/uk-england-devon-13297311) (5 May 2011) 15 Ryanair has 8,063 staff; EasyJet has 7,359.

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2008 2009 2010 2011

Net Profit Margin Comparison (2008-2011)


Flybe Group PLC

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four years16. Furthermore, Return on Capital Employed (ROCE), is dropped to 2.13%, less than

Ryanair (7.64%)17.

Figure 6: Revenue per Employee comparison (2008-2011)

Figure 7: ROCE comparison (2008-2011)

16 In order to convert Ryanair’s revenue was used the exchange rate GBR/EUR 1.1546 (average exchange rate in past four years). EasyJet performance cannot be evaluated in Financial Year 2010-11. 17 In the financial year 2009-2010 this ratio was in line with competitors.

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Revenue per Employee comparison (2008-2011)


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ROCE comparison (2008-2011)


Flybe Group PLC

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Despite this, the liquidity of the company increased by 4% during the last four years (from 1.04

to 1.09 using the acid test ratio, and from 1.09 to 1.12 using the acid test ratio). With this in

mind, notably, liquidity was found to be in crisis during the financial year 2009–2010, with the

value of the acid test ratio and current ratio below 1, thus causing liquidity problems.

In comparison with competitors, is it possible to notice that Flybe liquidity is lower than EasyJet

and Ryanair. This means that the company cannot convert quickly its assets in cash and had

major problem in a market shaped by crisis.

Figure 8: Current ratio comparison (2008-2011)

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Current Ratio comparison (2008-2011)


Flybe Group PLC

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Figure 9: Acid test ratio comparison (2008-2011)

Finally, gearing ratio is in line with competitors and, during the last financial year, Flybe

improved this ratio.

Figure 10: Gearing ratio comparison (2008-2011)

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Acid Test ratio comparison (2008-2011)


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Gearing ratio comparison (2008-2011)


Flybe Group PLC

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4. Value Drivers’ Analysis

As can be seen from the previous analysis, Flybe business is at a difficult stage. Accordingly, in

order to understand and compare the company’s performance alongside its competitors, this

section will focus on value drivers affecting the business of the Exeter-based airline operator;

these will be compared with the two major UK airlines companies (British Airways and EasyJet),

as well as two of the major UK low-cost airlines with a business similar to Flybe (Jet2.com and

Monarch)18.

The first driver—which is recognised as being the most important to an airline company—is the

‘load factor’, which is the proportion between ‘Seat-Km Available’ and ‘Seat-Km Used’; the

higher the ratio, the better the company performance. According to CAA, during the period

2006–2010, the load factor of Flybe decreased from 63.32% to 60.97%, but remained stable

during 2009–2010, with an average of 60.80%.

Figure 11 : Load Factor Trend (2006-2010)

18 In this section data from Civil Aviation Authority (CAA) were analysed (see ‘References’). All indicators were calculated from tables provided by the CAA (see ‘Appendixes - Civil Aviation Authority Data Analysis’).

55.00%

60.00%

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85.00%

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2006 2007 2008 2009 2010

Load Factor (Trend 2006 - 2010)

BRITISH AIRWAYS EASYJET FLYBE JET2.COM MONARCH

Flybe Group PLC

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Comparing these data with competitor performance, it can be seen that, notwithstanding a

turbulent market, British Airways consolidated an average 76.6% in the years 2006–2010.

With this in mind, it can also be seen that all the other no-frills operators that have been

analysed have also experienced a ratio increase. Importantly, all three of these companies have

a load factor close to 85%—25% more than Flybe’s poor performance19. In order to obtain

better performance and reduce costs, it is necessary to increase this ratio and to attempt to

capitalise on all the ‘Seat-Km’ available. Moreover, comparing the ratio with low-cost

competitors, it is necessary to ensure improvement.

Another value driver is the ‘Average Yield per Revenue Passenger Kilometre (RPK)’. Flybe’s yield

per RPK has improved, increasing by 20% between 2007 and 2010; notably, however, it fell

by 2% between 2009 and 2010. The increase between 2007 and 2010 is the greatest rise

compared with other competitors20.

Figure 12: Average Yeld per Revenue Passenger Kilometre

A similar situation can be seen in terms of the ‘Average Yield per Revenue Passenger Kilometre

Available (RPKA)’. In consideration to this ratio, Flybe improved during the years 2007–2010,

19 In actual fact, EasyJet’s load factor grew by 2.98%, Monarch’s by 3.17%, and Jet2.com’s by an extraordinary 9.07%. 20 According to Civil Aviation Authority data, during the same period, British Airways and Jet2.com’s yield per RPK growth were 3% whilst Monarch’s was 15%.

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Average Yield per Revenue Passenger Kilometre (2007-2010)

BRITISH AIRWAYS PLC EASYJET AIRLINE COMPANY LTD FLYBE LTD JET2.COM LTD MONARCH AIRLINES

Flybe Group PLC

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although this improvement is lower than for the previous ratio. Markedly, all other companies

analysed were found to have performed better than the previous ratio during this period; this is

strictly in terms of the relationship with the load factor, whereupon all companies increased this

ratio and their ability to maximise their turnaround per passenger. Furthermore, it should also be

noted that Flybe maintained the highest yield in this cluster21.

Figure 13: Average Yeld per Revenue Passenger Kilometre Available

What is alarming is that this high yield is also related to high costs. Considering the ‘Average

Cost Passenger Kilometre’, Flybe’s ratio growth was 16% during 2007–2011. Importantly, this

index is the highest in the cluster—almost double than competitors—with a value of £0.10(

2010)22.

21 With an average annual increase of 3.64%, lower than the competitor's average. 22 The best performance is from Monarch, which shows only 3.6p per seat per kilometre.

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Average Yield per Revenue Passenger Kilometre Available (2007-2010)


Flybe Group PLC

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Figure 14: Average Cost Passenger Kilometre

According to the aforementioned ratios, the business model of Flybe cannot be completely

considered a low-cost model: despite the company’s attempts to cut costs, these remain too high.

Markedly, during a period of market crisis, maintaining this structure it is considered risky.

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Average Cost Passenger Kilometre (2007-2010)


Flybe Group PLC

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5. Conclusions

Although it is clear that Flybe continues to build a good name and reputation as a reliable

airline operator, it is also clear that measures will need to be taken to kick-start improvements

for 2012. The first factor known to have shaped the decline of the company concerns the present

situation in the UK domestic market, which shows a negative trend across the industry owing to

the economic crisis and, as a result, companies like Ryanair and EasyJet are having to scale

down their domestic routes within the UK23.

The second factor is the increasing power of substitutes. Between 2007 and 2010, the number of

passengers reported was seen to fall by 22%24,with the main beneficiary of this reduction train

and coach operators. As stated by ATOC, ‘In what is a highly competitive market, better services

and more cheap tickets are encouraging more and more people to choose rail to travel between

the UK's main cities’ (Milmo, 2011).

In my view, in order to achieve a better position in the future, Flybe needs to improve its cost

model, which can be achieved over the course of three steps: the first is renewing its fleet with

new, more efficient aircrafts, which has been implemented by the organisation, as can be seen

from the order of 105 new aircraft; the second step is continuing in its staff reductions so as to

create a lean structure within the company; and the third is expanding into the rest of Europe

through the purchase of other carriers, or otherwise through creating solid alliances with other

low-cost airlines that serve secondary or regional airports. Essentially, only with the

implementation of these three stages can Flybe survive in the future and maintain its leadership

as ‘regional operator’. Nevertheless, exporting the domestic model outside of the UK represents

a significant challenge for the British carrier.

23 As stated in Milmo’s article on “The Guardian” (http://www.guardian.co.uk/business/2011/nov/09/flybe-says-domestic-air-boom-is-over) 24 From 48.7 million to 38 million.

Flybe Group PLC

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6. Appendixes

Financial Ratios

Gross Margin 2008 2009 2010 2011

FLYBE 12.35% 9.66% 14.81% 13.55%

RYANAIR 31.41% 17.02% 26.16% 25.92%

EASYJET 12.44% 10.20% 17.11% 18.19%

Net Profit Margin 2008 2009 2010 2011

FLYBE 6.51% 0.71% 4.58% 0.77%

RYANAIR 14.40% -5.75% 10.22% 10.32%

EASYJET 4.17% 3.31% 2.43% 8.23%

Return on Capital Employed ratio (ROCE)

2008 2009 2010 2011

FLYBE 25.05% 13.78% 7.07% 2.13%

RYANAIR 11.49% 2.88% 6.68% 7.64%

EASYJET 4.75% 1.34% 6.84% -

Return on Total Assets (ROTA) 2008 2009 2010 2011

FLYBE 9.59% 0.03% 7.45% -1.04%

RYANAIR 6.94% -2.83% 4.51% 4.90%

EASYJET 3.55% 1.49% 3.85%

Acid Test Ratio 2008 2009 2010 2011

FLYBE 1.04 0.97 0.72 1.09

RYANAIR 1.53 1.84 1.98 1.89

EASYJET 1.55 1.40 1.42 -

Flybe Group PLC

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Current Ratio 2008 2009 2010 2011

FLYBE 1.09 1.01 0.75 1.12

RYANAIR 1.53 1.84 1.98 1.89

EASYJET 1.55 1.40 1.42 -

Revenue per Employee (£000) 2008 2009 2010 2011

FLYBE 184.98 201.61 173.16 168.40

RYANAIR 446.68 400.07 368.03 389.87

EASYJET 326.79 322.61 326.36 -

Gearing Ratio 2008 2009 2010 2011

FLYBE 41.61% 40.01% 35.93% 27.31%

RYANAIR 35.85% 40.45% 41.85% 44.26%

EASYJET 29.27% 35.49% 35.91% -

Civil Aviation Authority Data Analysis

Yeld Passenger Km RPK 2007 2008 2009 2010

BRITISH AIRWAYS PLC £0.068 £0.070 £0.074 £0.070

EASYJET AIRLINE COMPANY LTD £0.060 £0.060 £0.059 £0.060

FLYBE LTD £0.139 £0.166 £0.171 £0.167

JET2.COM LTD £0.055 £0.053 £0.058 £0.057

MONARCH AIRLINES £0.036 £0.038 £0.040 £0.041

Yeld Passenger Km (Available) 2007 2008 2009 2010



FLYBE LTD £0.088 £0.103 £0.107 £0.102

JET2.COM LTD £0.043 £0.039 £0.046 £0.047


Flybe Group PLC

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Avarage Cost Passenger Km (Available) 2007 2008 2009 2010



FLYBE LTD £0.087 £0.101 £0.109 £0.101

JET2.COM LTD £0.043 £0.042 £0.043 £0.046


Load Factor 2006 2007 2008 2009 2010

BRITISH AIRWAYS PLC 76.75% 75.81% 74.75% 78.28% 77.69%

EASYJET AIRLINE COMPANY LTD 81.47% 81.44% 82.67% 83.22% 84.46%

FLYBE LTD 63.32% 61.34% 63.57% 60.62% 60.97%

JET2.COM LTD 77.25% 73.57% 79.38% 81.65% 86.32%

MONARCH AIRLINES 82.04% 82.56% 83.60% 83.61% 85.21%

Flybe Group PLC

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7. Table of Figures

Figure 1 - Flybe Total Revenues (2008-2011).............................................................. 4

Figure 2 : Revenue increase (decrease) comparison (2008-2011) ........................... 5

Figure 3: Operating profit (2008-2009) ....................................................................... 5

Figure 4: Gross Margin comparison (2008-2011) ....................................................... 6

Figure 5: Net profit comparison (2008-2011) .............................................................. 7

Figure 6: Revenue per Employee comparison (2008-2011) ...................................... 8

Figure 7: ROCE comparison (2008-2011) ..................................................................... 8

Figure 8: Current ratio comparison (2008-2011) ......................................................... 9

Figure 9: Acid test ratio comparison (2008-2011) ................................................... 10

Figure 10: Gearing ratio comparison (2008-2011) ................................................. 10

Figure 11 : Load Factor Trend (2006-2010).............................................................. 11

Figure 12: Average Yeld per Revenue Passenger Kilometre .................................. 12

Figure 13: Average Yeld per Revenue Passenger Kilometre Available ............... 13

Figure 14: Average Cost Passenger Kilometre .......................................................... 14

Flybe Group PLC

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8. References

Annual Reports

EasyJet. (2011). ‘Results for the year ended 30 September 2011’. Easyjet Airline Company LTD.

Available from: <http://corporate.easyjet.com/media/latest-news/news-year-

2011/~/media/Files/E/Easyjet-Plc-V2/pdf/media/latest-news/2011/15-November-easyJet-

plc.pdf>. [Accessed December 21, 2011].

EasyJet. (2008). ‘EasyJet Annual Report 2007-08’. Easyjet Airline Company LTD. Available

from: <http://2008annualreport.easyjet.com/files/pdf/Full_Report_easyJet_AR08.pdf>.

[Accessed December 21, 2011].







Flybe. (2008). ‘Flybe Annual Report 2007-08’. Flybe Group PLC. Available from: <

http://www.flybe.com/pdf/annual_report/2007-08.pdf >. [Accessed December 21, 2011].


http://www.flybe.com/pdf/annual_report/2008-09.pdf >. [Accessed December 21, 2011].


http://www.flybe.com/pdf/annual_report/2009-10’.pdf >. [Accessed December 21, 2011].


http://www.flybe.com/pdf/annual_report/2010-11.pdf>. [Accessed December 21, 2011].

Flybe Group PLC

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Ryanair. (2008).‘Ryanair - Annual Report 2008’. Ryanair LTD. Available from:

<http://www.ryanair.com/doc/investor/2008/Annual_Report_2008_Final.pdf>. [Accessed

December 22, 2011].



December 22, 2011].


<http://www.ryanair.com/doc/investor/2010/Annual_report_2010_web.pdf>. [Accessed

December 22, 2011].



December 22, 2011].

Civil Aviation Authority Data

CAA – Aviation Statistics. (2010).‘CAA –Aviation Statistic’. UK Civil Aviation Authority. Available

from: < http://www.caa.co.uk/default.aspx?catid=80&pagetype=90>. [Accessed December

22, 2011].

Report used for the analysis:

Airline Personnel Cost UK and Overseas - 2007;




All Scheduled Services - 2007;



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All Services - 2007;




Major UK Airlines Individual Airline Balance Sheets 2007;




Major UK Airlines Individual Airline Profit and Loss Account 2007;




Major UK Airlines Individual Appropriation Accounts 2007;




Size of UK Airlines by Available Capacity - 2007;




Total Scheduled and Non-Scheduled Services Operating and Traffic Statistics for the Financial Years of Reporting Airlines 2007;

Total Scheduled and Non-Scheduled Services Operating and Traffic Statistics for the Financial

Years of Reporting Airlines 2008;

Flybe Group PLC

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Other References

Arnott, S. (2010). 'Flybe's $1.3bn order fuels hopes of airline recovery '. The Indipendent. July

21, 2010. Available from: <http://www.independent.co.uk/news/business/news/flybes-13bn-

order-fuels-hopes-of-airline-recovery-2031192.html>. [Accessed December 16, 2011].

BBC (2010). 'Flybe announces £850m Embraer plane order'. BBC. July 20, 2011. Available

from: <http://www.bbc.co.uk/news/business-10693875>. [Accessed December 16, 2011].

BBC (2011). 'Airline Flybe adding £3 fuel surcharge'. BBC. May 5, 2011. Available from:

<http://www.bbc.co.uk/news/uk-england-devon-13297311>. [Accessed December 16, 2011].

CNNMoney (2011). ‘Special Report: Airline Turbulence’. CNNMoney. Available from: <

http://money.cnn.com/news/specials/airlines/>. [Accessed December 16, 2011].

Flybe Corporate (2011). 'Flybe Corporate Media'. Flybe Group PLC. Available from: <

http://www.flybe.com/corporate/media/management_team.htm>. [Accessed December 16,

2011].

Hawkes, A. (2010). 'Budget airline Flybe announces flotation'. The Guardian. November 30,

2010. Available from: <http://www.guardian.co.uk/business/2010/nov/30/airline-flybe-

announces-flotation?INTCMP=SRCH>. [Accessed December 16, 2011].

Milmo,D. (2010). 'Flybe floats high on the stock market and sets its sights on Europe'. The

Guardian. December 19, 2010. Available from:

<http://www.guardian.co.uk/business/2010/dec/19/flybe-jim-french>. [Accessed December

21, 2011].

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Milmo,D. (2010b). 'Regional airline Flybe raised £66m from stock market flotation'. The

Guardian. December 10, 2010. Available from:

<http://www.guardian.co.uk/business/2010/dec/10/flybe-airline-industry-

travel?INTCMP=ILCNETTXT3487>. [Accessed December 16, 2011].

Milmo,D. (2011). 'UK's domestic air travel boom is over, says Flybe'. The Guardian. November

9, 2011. Available from: <http://www.guardian.co.uk/business/2011/nov/09/flybe-says-

domestic-air-boom-is-over>. [Accessed December 16, 2011].

Osborne, A. (2011). 'Flybe boss Jim French 'frustrated' as shares fall 36pc'. The Telegraph.

October 6, 2011. Available from:

<http://www.telegraph.co.uk/finance/newsbysector/transport/8809573/Flybe-boss-Jim-

French-frustrated-as-shares-fall-36pc.html>. [Accessed December 16, 2011].

Ruddick, G. (2010). 'Flybe raises £60m in London float'. The Telegraph. December 10, 2010.

Available from:

<http://www.telegraph.co.uk/finance/newsbysector/transport/8193735/Flybe-raises-60m-in-

London-float.html>. [Accessed December 16, 2011].

The Telegraph (2010). 'Flybe - the personalities behind its success'. The Telegraph. December

10, 2010. Available from:

<http://www.telegraph.co.uk/finance/newsbysector/transport/8193602/Flybe-the-

personalities-behind-its-success.html>. [Accessed December 16, 2011].

The Telegraph (2010b). 'Flybe IPO: the main points'. The Telegraph. December 10, 2010.

Available from:

<http://www.telegraph.co.uk/finance/newsbysector/transport/8193597/Flybe-IPO-the-main-

points.html>. [Accessed December 16, 2011].

flybe financial analysis

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