Partly Cloudy

Partly Cloudy

max temp: 9°C

min temp: 5°C

ESTD 1874 Search

East Anglia: Airline Flybe posts its first annual profit for four years

16:08 11 June 2014

Flybe

Flybe's new purple livery on a Bombardier Q400 Dash 8 aircraft.

© Theo Moye. All Rights Reserved

Regional airline Flybe today celebrated its first profit in four years after its turnaround strategy was boosted by a rise in passenger numbers.

shares

Flybe, which serves 35 UK airports including Norwich and Southend, posted bottom-line profits of £8.1million for the year to March 31, compared with a loss of £41.1m a year earlier.

Chief executive Saad Hammad said the figures marked the “rebirth of Flybe” after a restructuring that has seen the loss of 1,100 jobs and a 1.4% reduction in capacity as it moves to shed loss-making routes.

It carried a record 7.7m passengers on its UK scheduled services during the year, a rise of 6.9% as it benefited from fare promotions and better routes.

Flybe also reported an improvement in passenger revenues per seat of 1.8% to £49.70, while its share of UK regional market grew to 55.1% from 52.4%.

The airline recently announced five new routes from London City airport and a complete relaunch of the Flybe brand although some further job losses are still likely after this summer as seasonal routes are discontinued and aircraft grounded.

However, the airline added: “We believe that we are now on the verge of emerging from this period of retrenchment, and looking forward to future considered and careful profitable growth.”

The group has regional bases in Belfast, Birmingham, Edinburgh, Exeter, Glasgow, Manchester and Southampton, having closed six others in the past year as part of its turnaround strategy.

It also has a “white label” business with Finland’s Finnair, where it flies planes under the Finnish airline’s livery and which posted a profit before tax of £6.3m, compared with £4.6m a year ago.

The group added that it was discussions with other major carriers about expanding its white label joint ventures.

Group revenue was 1% up on the previous year, at £620.5m, and total reveue under management, including the joint venture in Finalnd, was 11.1% higher, at £781.5m.

Flybe added today that it was a “source of amazement” that Air Passenger Duty (APD) continued to result in a typical domestic flight being charged five times the tax per mile of a long-haul one.

Chairman Simon Laffin said: “This is exacerbated when a return international flight suffers this charge once, but a domestic one is taxed twice. Yet in the last Budget, the Government actually reduced long-haul APD rates by £1 billion, while informing Flybe that it could not afford to reduce domestic rates.”

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Man ran up £24k debt on company credit card

A financial manager from west Suffolk who used his company credit card to join internet dating sites and buy flowers and jewellery, has been jailed for 15 months.

Suffolk's former Chief Constable, Simon Ash launching the Bin a Blade amnesty in December 2010.

Police chiefs last night insisted Suffolk is a safe place to live despite new figures revealing officers have seized more than 500 weapons being carried in public in the last four years.

Stock image of fire crews attending an incident.

Firefighters were called to a fire in an undercover market in Clacton last night.

Drink-driver Gintaras Sendzikas after his court hearing

An April Fools’ day drink-driver is facing a possible jail term after being arrested for drink-driving twice in 24 hours.

Could trains run around the clock?

A rail users group has called for an hourly service around the clock on the main line from London to Ipswich as part of the franchise to be awarded for East Anglia’s rail services next year.

Exhibition showing plans for 550 homes, shops, care and community facilities to be built on countryside on the edge of Felixstowe.

Problems with a council’s website have generated calls for an extension to the consultation period for the biggest housing development proposed in Felixstowe for 20 years.

Coastguard teams assisted the broken down jet ski STOCK IMAGE

A broken down jet ski to the south of Mersea Island was towed ashore by coastguard teams yesterday.

Firefighters extinguished a chimney blaze near Hadleigh on Wednesday night.

Strawberry Stores in Sudbury was hit by an armed robber

An 18-year-old man was arrested in Sudbury following an armed robbery at a convenience store in the town this afternoon.

Ian (L to R) and Debbi Tayler along with Tim Cocker standing with the rubbish they have collected from alongside the A12 in Stratford St Andrew

Littering motorists have been criticised for their “thoughtless” behaviour after a dozen large bin bags of rubbish – including a pair of pants – were collected from the roadside.

Most read

Most commented

Topic pages