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Flybe 'up for sale' weeks after profit warning Flybe up for sale weeks after profit warning
(about 9 hours later)
Flybe is reported to have put itself up for sale less than a month after issuing a dramatic profit warning. Flybe has put itself up for sale, just weeks after issuing a profit warning.
The regional airline is expected to say on Wednesday that its board is exploring a sale or a merger with a rival, according to Sky News. The Exeter-based regional airline's board confirmed it was "in discussions with a number of strategic operators about a potential sale of the company".
Last month, the airline warned full-year losses would reach £22m due to a combination of falling consumer demand, a weaker pound and higher fuel costs. Flybe said it was reviewing "various strategic options" to address "current challenges" in the airline industry.
Last month, the airline warned full-year losses would be £22m, blaming falling consumer demand, a weaker pound and higher fuel costs.
Latest results, published on Wednesday, show that pre-tax profits for the six months to 30 September fell by 54% to £7.4m, on revenues down by 2.4% to £419.2m.
The airline's shares have fallen by almost 75% since September.The airline's shares have fallen by almost 75% since September.
The Exeter-based airline is now valued at around £25m, far below the £215m it was valued at when it floated on the stock exchange in 2010. The Exeter-based airline is now valued at about £25m, far below the £215m it was valued at when it floated on the stock exchange in 2010.
Stobart Group - which pulled out of a bid to buy Flybe earlier this year after the airline rejected its offer - could be a possible purchaser, according to Sky. In a statement, it said that other options open to it included "further capacity and cost-saving measures, initiatives to strengthen the balance sheet and preserve cash resources".
Stobart Group - which pulled out of a bid to buy Flybe earlier this year after the airline rejected its offer - could be a possible purchaser, according to Sky News.
Flybe, whose roots date back to 1979, has 78 planes operating from smaller airports such as London City, Southampton and Norwich to destinations in the UK and Europe.Flybe, whose roots date back to 1979, has 78 planes operating from smaller airports such as London City, Southampton and Norwich to destinations in the UK and Europe.
It serves around eight million passengers a year, but has been struggling to recover from a costly IT overhaul and has been trying to reduce costs. It serves about eight million passengers a year, but has been struggling to recover from a costly IT overhaul and has been trying to reduce costs.
Last month, Flybe's chief executive Christine Ourmieres-Widener said it was reviewing "further capacity and cost-saving measures". Last month, Flybe's chief executive, Christine Ourmieres-Widener, said it was reviewing "further capacity and cost-saving measures".
"Stronger cost discipline is starting to have a positive impact across the business, but we aim to do more in the coming months, particularly against the headwinds of currency and fuel costs," she said at the time."Stronger cost discipline is starting to have a positive impact across the business, but we aim to do more in the coming months, particularly against the headwinds of currency and fuel costs," she said at the time.
The airline is due to issue its interim results on Wednesday. The company declined to comment on the sale reports.