Flybe returns to profit but cuts jobs

<p>Flybe is set to make 500 workers redundant.</p>

Hundreds of workers at airline Flybe are to be made redundant as part of the firm's ongoing restructuring.

The news was confirmed by the company in its latest financial update, which revealed that it has returned to profit.

After the firm lost £1.6 million in the six months to September 30th last year, it turned around its fortunes to hit a £13.8 million profit for the same period this year.

The airline's chief executive Saad Hammad explained that 500 jobs have to be cut as part of an ongoing review into the finances of the business.

"Unfortunately there is a proposal for further redundancies. We will consult with the trade unions and employees to ensure that this is done fairly and delivers the right outcome for the business," he said.

The pilot's union, Balpa, stated that it was "shocked" by the decision to cut so many jobs.

Despite this, the share price of the company is up in the early stages of trading today (November 11th). At 08:08 GMT, its stocks were up almost ten per cent on the start of the day.

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