“Flybe … a perennial basket case”

Owl recalls the many, many times East Devon District Council Tories (and in particular their former Leader Paul Diviani) has used Flybe as an indicator of the district’s economic prowess … hhhhmmmm!

From today’s Sunday Times:

“As the boss of regional airline Flybe, Ourmières-Widener (her married name) is one of a handful of female airline bosses.

She has one of the toughest jobs in the industry. Flybe has been a perennial basket case, disappointing investors repeatedly in its short life as a listed company. After floating on the stock market in 2010 with a valuation of £200m, it is now worth just £90m.

In 2014, under Saad Hammad, then chief executive, it returned to investors with a begging bowl, raising £156m in a deeply discounted rights issue with a promise to build “resilience and profitable growth”. Yet its performance since then has been lacklustre at best. Flybe’s first — and only — annual profit as a listed company was £2.7m, in the year to the end of March 2016. …

Her plan is to shrink Flybe to success by cutting its fleet from a peak of 85 aircraft in May 2017 to 70 by 2020. … “

Source: Sunday Times (pay wall)