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Flybe Full of Grumbles

Flybe FLYB The airline industry is in for a rough time if Flybe’s grumbles are anything to go by. On the other hand reading todays update for the quarter to the end of March does read a bit like a management clutching at straws. It claims to have suffered from airline overcapacity, coupled with weak demand in an uncertain consumer environment and price competition from railways. to counter these problems it has reduced its year on year seat capacity growth to 10%.  Passenger revenue rose by 9.8% compared to 13.5% for quarter 3. The fleet will be reduced by the return of all 6 end of lease aircraft in the second half of the financial year. Summer trading is in line with expectations.

Alliance Pharma APH The integration of 27 products acquired in December 2015 from Sinclair Pharma has been completed without a hitch, effectively doubling the size of APH. Confirmation is provided by the results fore the year to 31st December which saw revenue and EBITDA both grow by 102%, with pre tax profit following suite at 103%. The final dividend is increased by 10% making the total rise for the year, also 10%. APH’s philosophy, with its “can do” approach, is to become the rising star of European specialty pharma. The directors intend to maintain a progressive dividend policy.

TUI Ag TUI expects at least 10% growth in underlying EBITA  for the current financial year. Winter revenue rose by 9% and customer numbers were up by 5%, with 97% of the winter programme sold. 48% of the summer programme has been sold so far, with revenue also up by 9% and customers by 4%

Johnston Press JPR saw sign of an improving trend emerge in quarter 4 which has continued into the new financial year, with a rise in the circulation figures of its key titles. for the year to the end of December adjusted revenue fell by 6% but with quarter 4 showing a rise of 1%, as the sector continued to suffer from revenue volatility and structural change. 2015’s statutory like for like profit before tax of £2.2m was turned into a loss of £300m for 2016 and basic earnings per share fell from 10p to a loss of 234p per share.

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