The Exeter-based airline has reported a pre-tax loss of £6.4m in the year to 31 March, compared with a loss of £4.3m a year earlier. Its annual revenues rose by 14% to £679m.
Flybe chief executive Jim French said the company had been hit by a number of factors including the weak UK economy, record fuel prices and the “ever-increasing” airport departure tax.
However, the airline remains optimistic that it can take advantage of further consolidation in Europe’s regional airline industry. French continued, “We are pleased with the progress we have made with Flybe Finland, underpinning our European expansion plans and the replication of our UK operations.” The joint operation with Finnair is a bright spot for the regional carrier, leading to a significant increase in the airline’s contract flying opportunities.
French concluded, “We remain in a challenging environment. However, Flybe today is a business of real scale and substance, and one which has again demonstrated its resilience. Flybe is well placed to take advantage of any improvement in the UK macro environment and has a strong platform in Europe to leverage, leaving the Group strongly placed for the future.”