Flyby shares flying high

Flybe, a British low-cost regional airline and largest regional airline in Europe, based in Exeter, recorded a 10 per cent increase in passenger numbers  to £2.4 million during the second quarter and 13 per cent rise in sales. Investors bought shares  to send share value up 4.11p to £81.36p despite a 1 per cent fall in revenue per seat.

After crashing and issuing a profit warning in January the airline seems to have done partial recovery and look to be healthy financially despite fierce competition. On the road to recovery the group has laid off hundreds  of jobs and sold 25 precious slots at Gatwick to cut costs. It also raise £150 million from shareholders to achieve its recovery last year and launched new routes to City Airport to compete with its bigger rivals.It also signed a deal with Rigby Group which owns Regional and City Airports  to fly from Exeter and Norwich to mainland Europe from next March.

Flybe seems to have closed the gap with rivals Ryanair and Easy Jet.