Flybe has returned to profitability after carrying a record number of passengers and achieving record load factors in the year to the end of March.
It made a pre-tax profit for the year of £8.1 million, compared to a loss of £41.1m in the previous year.
The low-cost carrier said it had made profit improvement across all areas of the business.
Chief executive Saad Hammad said: "2013/14 marks the rebirth of Flybe!
"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.
"We have made a good start to FY15, in line with our expectations.
"We are moving to build on our early success. We have a plan and we have the firepower. The Group is now well-placed to become Europe’s best local airline."
An 11.1% growth in revenue under management to £864.4 million was driven by "significant" growth in white label revenue in Finland, where it operates a joint venture with Finnair.
In the UK, passenger numbers were up 6.9% to 7.7 million, despite a 1.4% reduction in its seat capacity. As a result, its load factor inched up to 69.5% from 64.1% the previous year.
Flybe increased its share of the UK regional market from 52.4% to 55.1%.
In March, the airline axed most of its routes from London Gatwick, after selling its take off and landing slots at the airport to easyJet.
