Flybe report £5.7m profits
21.09.10
Flybe has reported a £5.7m annual profit for the year ending March 2010. However, underlying profits - which ignore exceptional gains and losses - fell from £12.8m to £6.8m. The results mean that the regional airline remained in profit throughout the recession, having reported a small £0.1m profit the previous year.
The privately-owned Exeter-based airline is the UK's biggest domestic carrier. It specialises in short-hop flights, lasting around an hour and using smaller aircraft than its rivals. Flybe chairman, Jim French, claimed that it was ‘one of only three major European airlines that have reported profits throughout the recession’.
The airline carried slightly fewer passengers than in 2008/09 and its profits were helped by the sale of ancillary items, which rose 16% to an average of £11.98 per passenger. The airline halved its debt from £49.8m to £21m during the year and says trading during the first five months of this year has been strong. Revenues and pre-tax profit were ahead of the same time last year before the impact of the Icelandic ash cloud, which cost the airline £12m.
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