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Flybe profits show £20m lift
Flybe flew into the black in the last financial year with an overall pre-tax profit of £15.6 million, an improvement of £20 million over the previous 12 months.
The carrier saw a 17% increase in turnover to £355 million in the year ending March 31.
Ancillary revenues grew by 63% while the airline carried five million passengers.
Flybe said it was on target to deliver planned £40 million of cost and ancillary revenue “synergies” following the acquisition of BA Connect in March.
It has completed the rationalisation of production facilities in the Isle of Man and Bristol; the closure of a Manchester head office and new airport deals.
Flybe has also sold of all of the Embraer 145 aircraft inherited from BA Connect, and at prices within the funding provided from British Airways for this purpose, a statement said.
“Significant progress” has also been made to sell the small number of remaining BAe 146s in Flybe’s fleet with the remainder expected to be disposed of by February 2008.
Flybe chairman and CEO Jim French said: “The importance of the acquisition of BA Connect cannot be overstated. Flybe is now a much stronger business with good cash reserves, a more balanced network and a significantly reduced risk profile.”
Over the last five years, Flybe has grown from an airline with 41 routes and 1.9 million passengers. The carrier now has 73 aircraft, serving 152 routes and 55 airports in 12 countries.
by Phil Davies
Phil Davies
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