Flybe, a UK-based airline company, has announced that its results have remained on par with company expectations, ahead of the release of its financial results for fiscal 2011, which will be released in June 2012.
In a trading update the company announced that a number of its initiatives have been implemented recently to increase revenue earnings per seat, reduce costs, and match its seating capacities with the current demands. One such initiative was completed on March 8 this year when the company entered into a contract flying agreement with Brussels Airlines, offering two Bombardier Q400 aircraft on lease.
Flybe UK, the company’s main airline arm, is maintaining a leading position in UK regional and domestic markets, according to the company.
Flybe Finland, a company joint venture with Finnair, a Finland-based airline, has been expanded in fiscal 2012 to include new routes into Sweden and Denmark.
The maintenance and repair division of the company has been augmenting its revenue generation by accepting increased responsibilities for third party aircraft maintenance from Europe’s regional airlines. The company has also reported the commissioning of a new flight simulator in the 2012 fiscal year, its second flight simulator to be added to the company’s Training Academy.
In a statement the company said, ‘Although market conditions remain challenging, we have a robust and flexible business model combined with clear and achievable growth plans. We remain confident about Flybe’s long term future.’
The company stock is currently trading up at £0.715, following the recent trade update.