Norwich Airport flight provider Flybe puts itself up for sale

Norwich Airport flight provider Flybe puts itself up for sale

Flybe said the move would "address the current challenges facing the airline industry and maximise value for shareholders".

The group has appointed Evercore to assist it with the review, and said that parties with a potential interest in making a proposal should contact the financial adviser.

It comes weeks after Flybe warned over profits following falling demand and a £29m hit from rising fuel costs and the weak pound.

Flybe, whose roots date back to 1979, has 78 planes operating from smaller airports such as London City, Southampton and Norwich to destinations in the United Kingdom and Europe.

Christine Ourmières-Widener, chief executive of Flybe, said: "Continued improvements are being seen into quarter three which demonstrates the popularity of Flybe for our customers".

The alert sent shares tumbling by more than a third on the day and almost 75% has been wiped off its stock market value since December.

Underlying pre-tax profits rose 7.6 per cent to £9.9 million on cost-cutting in the six months to September from a year earlier, but revenues fell 2.4 per cent to £409.2 million.

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UK-based airline Flybe has put itself up for sale.

The airline had previously planned to merge with FTSE 250 transport services provider Stobart Group (LON:STOB), before the deal was abandoned earlier this year.

The collapse of Flybe could have a huge impact on many regional airports especially Cardiff Airport (CWL/EGFF), Exeter Airport (EXT/EGTE) and Southampton (SOU/EGHI), all of which owe a large percentage of their passenger numbers to the regional airline.

"We are responding to this by reviewing every aspect of our business".

Brian Strutton, general secretary of the British Airline Pilots' Association (Balpa), said plans for the sale were a "bolt out of the blue".

FlyBe also posted its first-half results.

Sources within the airline said that at least 3 potential new owners are in talks and are not necessarily existing airline companies.

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