Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Flybe Jumps as Slot Sale May Draw EasyJet, BA Bids: London Mover

May 13 (Bloomberg) -- Flybe Group Plc rose 13 percent, leading advancing stocks on the FTSE All-Share Index, after Europe’s biggest regional airline said it’s in talks to sell take-off and landing slots at London Gatwick airport.

Negotiations are taking place “with a number of parties,” the Exeter, England-based airline said in a statement today. “Discussions are ongoing and there can be no certainty as to whether any transaction will be forthcoming.”

Flybe shares advanced to 58.875 pence, the highest price in eight months, at the close of trading in London. That extended the gain this year to 15 percent, valuing the airline at 44 million pounds ($67 million). The number of shares traded was more than five times the average daily amount over the past three months.

“EasyJet, British Airways and Norwegian Air Shuttle are likely interested parties,” Peter Hyde, a London-based analyst at Liberum Capital, said by phone. “EasyJet may pay the most because it already has 41 percent of slots at Gatwick and could put the additions to best use.”

Flybe said last month that it had 54.4 million pounds in cash at the end of its financial year on March 31 and that it would report an underlying pretax loss at the low end of its forecast, on sales similar to the previous year. Chief Executive Officer Jim French announced details of a cost-reduction plan in January.

Flybe pilots agreed this month to a 5 percent cut in pay to avoid job losses. The airline’s regional focus means Flybe has higher unit costs than discount carriers such as Ryanair Holdings Plc and EasyJet Plc.

Airport Fees

“Recent airport charges increases at Gatwick have been skewed against the operators of smaller aircraft, like Flybe,” Gerald Khoo, a London-based analyst at Espirito Santo Investment Bank with a neutral rating on Flybe shares, said in a note. “The continuation of such measures could place an ongoing squeeze on the profitability of Flybe’s Gatwick routes.”

Gatwick is Flybe’s main London-area airport, where it maintains 25 slot pairs, with a smaller presence at Luton.

Ryanair, Europe’s largest discount carrier, had offered to pay Flybe 100 million euros ($130 million) in cash to operate aircraft and short-haul routes as it sought regulatory approval to acquire Aer Lingus Group. Antitrust authorities blocked the deal in February.

To contact the reporter on this story: Robert Wall in London at

To contact the editor responsible for this story: Benedikt Kammel at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.