Flybe shares continue descent despite winter flights boost
Shares in budget airline Flybe continued to fall this morning despite the company increasing its winter schedule.
The UK company began its 2018/19 winter schedule, increasing its number of weekly flights by six per cent to 2,835.
Shares dropped more than three per cent on Monday to 12.3p, having been priced at 37.5p at the beginning of October.
It comes after the firm's share price dropped almost 40 per cent in one day earlier this month when it issued a profit warning.
Flybe said higher fuel prices and the weaker value of sterling, combined with ailing customer demand had pushed the board into revising its full-year guidance to a pre-tax loss of £12m.
The board estimated a £29m year-on-year impact from weaker sterling, fuel and carbon prices.
On Monday it began its winter schedule – with 151 routes from the UK to mainland Europe, including flights from Doncaster Sheffield to Belfast City for the first time in winter.
It has also improved the weekend schedule for flights between Exeter and Amsterdam and Norwich and Paris, as well as bringing back Christmas and New Year flights from Southampton to a number of French cities.