Flybe shares nosedive 36% after second profits warning
- Published
Shares in airline group Flybe fell 36% after it unveiled its second profits warning in five months.
The Exeter-based airline said it noted a "significant slowdown in sales" across its UK domestic network.
The fall in demand will mean a sales drop of 1% for the first half of its financial year, it added.
In May, it warned of the impact of the spending slowdown, as well as unveiling a £3 fuel surcharge for all flights which came into force last month.
Revenues at Flybe were 3% higher than last year when taking into account the impact of the 2010 volcanic ash disruption, which cost the company about £12m.
Underlying seat numbers flown fell 1.7%, while revenue per seat grew by 6%.
Shares fell 40% to 60p - a total fall of 80% on the shares' flotation price of 295p in December 2010.