Flybe said the full-year result was disappointing
11 June 2012 | 07:18am
StockMarketWire - European regional airline group Flybe said it delivered a disappointing result for the year to end-March.
Revenue under management increased 14.0% to £678.8m (2010/11: £595.5m). Underlying EBITDAR fell 22.0% to £88.8m (2010/11: £113.8m) with an operating loss of £4.9m (2010/11: loss of £0.9m) and a loss before tax of £6.2m (2010/11: loss of £4.3m).
Flybe said, this performance, while disappointing, reflects a resilient business able to weather the combined impact of a 5% underlying decline in its core UK market during the year along with high fuel prices and other inflationary pressures. The results also reflect significant investment in the Group as part of the implementation of a long term growth strategy, specifically representing the first year losses associated with the Flybe Europe division (£3.7m) and the new training academy building in Exeter (£1.2m). Without these investments, the loss before tax would have been £1.3m, or approximately 0.2% of turnover.