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Flybe warns on profit from weaker demand, rising fuel hit

Flybe warns on profit from weaker demand, rising fuel hit
FILE PHOTO: An airport worker examines a flybe aircraft before it takes off from Liverpool John Lennon Airport in Liverpool northern England, May 19 , 2016. REUTERS/Phil Noble   -   Copyright  Phil Noble(Reuters)
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LONDON (Reuters) – Regional airline Flybe <FLYB.L> said annual profit would come in below expectations as demand across its markets weakened in recent weeks and it faces headwinds from a higher fuel price and a fall in the value of the pound.

Flybe said on Wednesday that it expected to post an adjusted loss before tax of around 12 million pounds, compared to a current Refinitiv forecast for it to make a pretax profit of 7 million pounds.

“We have made progress in driving our unit revenues across the Summer season, but we are now seeing a softening in the market,” Flybe CEO Christine Ourmieres-Widener said in a statement.

“Stronger cost discipline is starting to have a positive impact across the business, but we aim to do more in the coming months, particularly against the headwinds of currency and fuel costs.”

(Reporting by Sarah Young; editing by Costas Pitas)

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