Results
Underlying profit before tax for the year was £22.3m compared to an underlying profit before tax of £7.4m in 2009/10. Group revenue was up 4.4% to £595.5m and underlying EBITDAR improved 30.9% to £119.0m.
After IPO costs and losses on fuel and foreign exchange hedges (unwinding gains recognised in the previous year), we reported a loss of £4.3m compared to a profit of £24.6m last year. This result is in line with the Board's expectations for the year and represents a strong performance in view of the challenging conditions faced by all airlines in the period.
Flybe ended the year in its strongest ever financial position. During 2010/11, operating cash inflow improved by 21.5% to £18.1m and, thanks to the IPO cash injection, we moved from a net debt (defined as total cash less borrowings) position at 31 March 2010 of £(21.4)m to a net cash position at 31 March 2011 of £21.9m. Net assets amounted to £107.9m.
None of these achievements would have been possible without nearly 3,000 loyal and motivated employees whose talent, commitment and can-do attitude make Flybe what it is today. On behalf of the whole Board, I would like to thank them for their hard work and continuing support.
Conditions in Flybe's current core UK domestic market remain challenging, but Flybe's leadership in this market leaves us well placed to benefit as the market recovers.