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sarahc

Flybe To Cut 500 Jobs

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That is going to hurt a lot of people. Looking at those figures, then pre-2012 they must have employed around 3200 people. They have since lost 490, with another hundred soon, and then another 500 to go. That is a big chunk, but I wonder how many they will be shedding from Gatwick? The likes of the IOM, I suspect, is less impacted as the desk services are by an agent, rather than Flybe. I don't know if they are planning on stopping more routes - that would be the bit that hurts us most, I guess.

Not good news whichever way you look at it.

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I don't think there are any flybe people at gatwick now. I think that those in the outposts of the flybe empire are inevitably going to be hit and if, as is rumoured, 100 crew jobs are going to go, that only points to one thing. Perhaps the saving grace for the Island's flybe pilots is that most have been here since 1945 and have sufficient length of service to be offered jobs elsewhere in the empire.

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Don't understand why the BBC has only just caught on to this when it's been reported in other places since July, e.g. http://www.theguardian.com/business/2013/jul/03/flybe-chief-executive-saad-hammad-jim-french . The threat is the routes, thay are reviewing / going to review routes and IoM has to consider itself at risk :(

 

The new CEO has also chopped most of the exec directors http://www.telegraph.co.uk/finance/newsbysector/transport/10312701/Clear-out-at-Flybe-as-new-chief-flexes-muscles.html

 

Either our route figures measure up, in which case I suspect both routes and crews will be safe, or they don't. Troubling.

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They're also revising their fleet negotiating the return of various leased aircraft types etc. There is the possibility of the routes still being on from here, but smaller planes in future?

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These are the half yearly results, ie, flying from Apr to September - Last year it was £1.3 mill loss at the half yearly, followed by £41.8 mill at the full yearly. I'd be cautious on the shares to be honest, however it does look like the new CEO is going to turn FlyBe into a much leaner organisation by chopping jobs.

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These are the half yearly results, ie, flying from Apr to September - Last year it was £1.3 mill loss at the half yearly, followed by £41.8 mill at the full yearly. I'd be cautious on the shares to be honest, however it does look like the new CEO is going to turn FlyBe into a much leaner organisation by chopping jobs.

It seems to me that there can't much more fat left to trim after the next round of cuts, the next major step would be liquidation. The former CEO Jim French created demand for certain routes/destinations that never really existed and still don't, that's why they lost money. Some of their core UK routes were only ever marginal, adding even more marginal routes only compounded the problem. If they go back to their roots there may still be time to save the company.

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If they go back to their roots there may still be time to save the company.

 

Trouble is that there are a lot more snouts in the trough nowadays all forlornly hoping for a return on their investment.

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These are the half yearly results, ie, flying from Apr to September - Last year it was £1.3 mill loss at the half yearly, followed by £41.8 mill at the full yearly. I'd be cautious on the shares to be honest, however it does look like the new CEO is going to turn FlyBe into a much leaner organisation by chopping jobs.

That picture is not agreed with by Reuters?

 

Reuters: Flybe expands restructuring, expects 500 job cuts

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If they go back to their roots there may still be time to save the company.

 

Trouble is that there are a lot more snouts in the trough nowadays all forlornly hoping for a return on their investment.

Haven't the main snouts been culled & butchered?.....at 79p I still think it's worth a punt.

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Struggling to see the upside on it at the moment. Lot of people sitting on big losses is what I meant.

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