If you look back at previous accounts, they did have some quite good fuel hedges in place at about $800/tonne. It was pretty evident that when those hedges expired (and hedges can only delay the onset of a sustained rise in fuel prices rather than eliminate them) then Flybe's fuel price would go from a pretty good level up to the current market trends at around $1,000/tonne. That was always going to hurt, but the pointers about this were in the previous set of accounts.
I'd be more worried about the free cash level - dropping from £70m to £29m in one year is a concern.