Flybe makes loss

Exeter-based Flybe has reported a £6.4m loss for the year ending 31 March, compared to a £3.8m profit for the preceding 12 months. 

Revenue for the year – including new subsidiary Flybe Nordic – was £678.8m, up 14% on last year’s £595.5m.  Without Flybe Nordic revenue rose 3.3% to £615.3m.  Passenger numbers increased 7.6m, up 5.8% on the previous year’s figure.

Europe’s largest regional carrier continues to operate in a “challenging environment”, Chairman and CEO Jim French said, “but is well-placed to take advantage of any improvement in the UK macro environment and has a strong platform in Europe to leverage, leaving the group strongly placed for the future”.

The airline’s major development over the past year has been the establishment of Flybe Nordic, a joint venture with Finnair.  French said that Flybe is pleased with progress on the Finnish operation.  Its increasing levels of contract flying, together with the start of a fleet renewal programme – the first four Embraer E-175s of a potential 140 E-Jets arrived in the financial year – “will have a far-reaching beneficial impact on the business”, French said.

Flybe will have four Bombardier Q400s operating for Brussels Airlines by year end under a 'wet lease' arrangement. www.flybe.com

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