Budget airline Flybe is up 12% today, after publishing their trading statement for the last quarter.

The positive start to the year is good news for the company, who are undergoing a three year transformation to keep up with competitors easyJet and Ryanair.

Flybe saw a 9.8% growth in passenger numbers in the last quarter, with a 1.6% decrease in revenue per seat and a 3.4% reduction in cost per seat

Revenue was at £147.7m, up 11% on the year before.

Looking forward to the next quarter, the company are improving their winter timetable in order to keep growth steady with an increased frequency on popular routes.

Saad Hammad, Chief Executive Officer, said:

“As we enter the next phase of our transformation, Flybe has again delivered revenue and passenger growth in the quarter, demonstrating the strength of our core business. We carried significantly more customers than the same time last year and maintained our industry-leading punctuality levels.

We remain focused on tackling the surplus E195 aircraft, our final legacy issue, and are actively pursuing a range of solutions.