Fuel Hedging
To be fair, it looks like last year's fuel costs were flattered as a result of FlyBe hedging at a rate well below the market. This year the hedged cost looks to be pretty much in line with the market price. So you can't really blame FlyBe management for the fact that they weren't as fortunate this year as last.
That's not to say that these aren't a pretty sick set of numbers. FlyBe are rapidly burning through the cash they raised in the IPO - when the share price was 295p compared with 50p ish now. They really have to turn things round quickly or they will be very short on cash in a year or two.