Flybe downgrade hits shares

Flybe’s turnaround plans suffered a setback today after the regional airline warned its full-year results were likely to be weaker than expected.

Shares in the Exeter-based firm slumped by a fifth as it revealed revenues fell 3.8% to £126.8m during the final three months of last year, adding that it does not expect to make a profit in the current financial year to March 31.