Firstly please note that these are the financial figures for the year to 31 March 2008. It really is poor that they have taken nearly 10 months to get their figures out for a financially-uncomplicated organisation. That means they reflect a period wholly before any of the economic downturn that has occurred in more recent times, and which has hit their base at London City harder than most.
It also covers the period of the replacement of the old (and cheap) 146 fleet with the somewhat-newer Avro RJ fleet, which will have many one-off additional costs, along with merging in the old Scot Airways operations and other structural changes to the business. It doesn't form much of a basis for ongoing comparison. I'd like to have a look at ther balance sheets and cash position before making much of it.