The very next paragraph Kevin Done writes
The acquisition of BA Connect, due to be completed shortly following clearance by the Office of Fair Trading, will double Flybe’s turnover and greatly increase its presence in Manchester and Birmingham, two of the biggest regional markets in the UK. It will make the group the largest regional airline in Europe.
He goes on....
Jim French, Flybe chairman and chief executive, said in the annual report that the group had added 44 new routes in the year, a 68 per cent increase to 109, which had increased capacity, measured by available seats, by 32 per cent.
Losses on the new routes totalled around £7.5m.
Passenger volumes on the Flybe network rose by 25 per cent to 4.75m, while turnover increased on the Flybe routes, excluding the earlier Air France franchise, by 26 per cent to £304m
So as others have suggested read the report in full and make your own judgement