Friday preview: Flybe's results likely to reflect turbulent year

20th Jun 2013 14:19

Flybe is expected to report an annual loss following a turbulent year for the European airline.The carrier recently warned losses would be greater than previous thought due to a 2.5% rise in costs including fuel. The company said revenue would be in line with the previous year, at the lower end of its previous forecast. Interim results in May revealed reduced pre-tax losses of £61m from £112m previously on revenues of £1.6bn from £1.5bn. Revenue per seat increased by 8.6% year-on-year on a constant currency basis, and by 5.8% on a reported basis, to £53.39.Flybe is selling 25 pairs of take-off and landing slots to easyJet in order to raise funds that will see it cease all flights from Gatwick where it currently flies more than half a million passengers around the UK. The group also announced a further 80 redundancies on top of almost 600 cuts.Analysts at HSBC called the restructuring measures "broadly sensible"."The company will need to show investors it is able to turn the plans into reality," they added.Non-underlying restructuring costs for the first phase of the plan are expected to be in line with previous guidance of between £10m to £12m. The group has been working to reduce its costs since announced its Deliver and Future Direction plan in January. Friday June 21stINTERIM DIVIDEND PAYMENT DATEBritish Empire Securities & General Trust, Matchtech GroupQUARTERLY PAYMENT DATEBP, Duet Real Estate Finance LtdINTERNATIONAL ECONOMIC ANNOUNCEMENTSCurrent Account (EU) (09:00)GMSEIH PlcFINALSAlpha Real Trust Ltd., Flybe GroupSPECIAL DIVIDEND PAYMENT DATEAbbey ProtectionEGMSX5 Retail Group NV GDR (Reg S)AGMSChristie Group, Cupid, Eastern European Trust, Eland Oil & Gas, Forum Energy, Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, Investors Capital Trust Units, Kalimantan Gold Corp Ltd. (DI), Narborough Plantations, North River Resources, Prospect Japan Fund Ltd., Vimetco NV GDR (Reg S), Zhejiang Expressway Co 'H' SharesUK ECONOMIC ANNOUNCEMENTSPublic Sector Finances (09:30)FINAL DIVIDEND PAYMENT DATECayenne Trust, Howden Joinery Group, Irish Continental Group Units, Martin Currie Global Portfolio Trust, Maven Income & Growth 2 VCT, Menzies(John), Michael Page International, Networkers International, Provident Financial, Ted Baker, Witan Pacific Inv Trust, Xaar RD