Flybe profits down
30.01.10
Pre-tax profits fell by nearly two-thirds at budget airline Flybe, it was revealed yesterday. The figures cover the year to the end of March 2009, and show pre-tax profits down to £12.8m, from £35.4m in 2007-08, excluding exceptional charges.
The Exeter-based airline said that business travel virtually stopped in the first three months of 2009. The sudden cut in income contributed to ‘unprecedented losses’ in the final quarter of the financial year, it said.
Chairman and chief executive Jim French described the loss as covering ‘a period affected by one of the deepest and most prolonged recessions seen by the aviation industry’. During the same period, BA reported a pre-tax loss of £401m.
Flybe's annual figures for 2008-09 showed passenger numbers rose slightly, from 7m to 7.3m. Turnover also rose, by nearly 7%, to £572m. The airline operates 68 aircraft on 194 routes in 13 countries, flying out of 36 UK airports and 32 European ones, and employs about 3,000 people.
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