This is from
the FT , though I don't know if the link will continue to work as they archive articles:
FlyBE, the UK regional low-fares airline, more than doubled operating losses in the year ended March 31 but was able to report pre-tax profit thanks to a £17m windfall secured through the joint sale with Air France of take-off and landing slots at Heathrow airport.
...
According to its latest annual report, published yesterday, FlyBE's operating loss increased from £4.2m to £9.8m on turnover up 5.7 per cent from £231m to £244m.
However, with the exceptional landing slots credits, the group still achieved a pre-tax profit of £2.9m, up from £302,000 a year earlier
So in response to flyerz111, my reading of it is: yes, the slot money is included in the £14m profit.
(Not that you'd know this from
the flyBE press release ). As the FT article makes clear, "real" operating result was a £9.8m loss. Seems a bit bold to treat proceeds from a slot sale as "operating" profit - it's pretty clearly an exceptional item. Any accountants out there want to take a view?
I am happy to see flyBE continuing to expand and develop, and I think they are doing a lot right, but if I'm not mistaken, all this hoopla about a £14m profit is a severe case of "emperor's new clothes" as the true headline figure (as per FT) is a tripling of the operating loss. They have said they're on course for a (presumably real) operating profit next year, and I think that'll be the real test - not much point in trying to float the company unless you can demonstrate a couple of years of profit that doesn't come from selling the family silver.