Flybe are back in profit
AIRLINE Flybe has returned to profitability following the implementation of a turnaround programme which included the loss of 500 jobs.
Announcing its final results for the year to March 31, the airline - one of Manchester's largest operators with 20 routes and up to 108 flights a day - reported profit before tax of £8.1m compared to last year’s loss of £41.1m.
It has also seen a 11.1% growth in revenue under management to £868.4m (2012/13: £781.5m). Group revenue of £620.5m was up by 1%.
In further good news the airline reported record passenger numbers and load factors in UK business and a 3.3% decrease in group operating costs (excluding restructuring) at £619.5m (2012/13: £640.9m)
There was a 6.9% increase in passenger numbers at 7.7m (2012/13: 7.2m) despite a 1.4% reduction in seat capacity. Flybe now has a 55.1% sector share of UK regional market (2012/13: 52.4%).
Chief executive Saad Hammad said: "We implemented a turnaround plan to stabilise the business and then successfully raised over £150m net to strengthen our balance sheet and drive sustainable profitable growth.
“The return to profitability is a great step forwards. This enables us to start implementing our twin-engine strategy of growing our UK branded business and our white label operations across Europe."
Thanks to Northwest Business news