UK regional airline Flybe achieved a record pre-tax profit of £35.4 million in the year to March 31, up by £20 million on the previous year.
Sales for the year rose by 46% to 535.9 million as the carrier flew seven million passengers.
Flybe’s fuel bill, at less than a quarter of total costs, is claimed to be one of the lowest percentage levels in the industry.
The airline claimed to be bucking the economic uncertainty in the avaiation industry by recording pre-tax profits of £12.2 million for the first quarter of its financial year, an increase of 14%, as well as an 18% increase in passengers.
Chairman and CEO Jim French described the year as “transformational” as it integrated and realised the benefits of the acquisition of BA Connect.
“With current fuel costs at 24% of total costs, Flybe’s fuel costs represent one of the lowest percentage burdens in the industry. With one of the most fuel-efficient fleets and a passenger base that is less dependent upon discretionary leisure spend, Flybe is continuing to perform strongly in the current difficult environment.
“In the first quarter’s trading of this year, both revenues and operating profits were significantly higher than in the same period last year.
“The combination of our long-term strategy, focussed management actions and strong cash position gives us a major opportunity to maximise the opportunities that will surely come as the industry enters a period of consolidation.â€
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by Phil Davies
