Flybe makes a profit

FLYBE, which is 15% owned by British Airways, made a profit of £12.8m (2007/08: £35.4m) in the year until 31 March2009.  It was a fine achievement in a 12 months which included the height of the global downturn in the world’s financial markets, the spike in oil prices and the onset of global economic recession.  Turnover grew 6.8% to £572.4m and passenger volume was a record breaking 7.3m.  Most interesting was a growth of ancillary revenue by 30% including income from advanced seat assignment and financial services.  It was the first year of Loganair operating under the Flybe brand and also saw the integration of the BA Connect business, realising substantive synergies in overhead and maintenance rationalisation, while enjoying the full economic benefits of substituting 50-seat jets with Flybe’s preferred 78-seat Q400 product.  No indication was made regarding Flybe’s known interest in an IPO but in a statement the airline points out that no new aircraft need to be financed until 2011.  www.flybe.com

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