08 September 2008

Flybe unveils record profit

UK regional airline Flybe achieved a record pre-tax profit of Ã&#pound;35.4 million in the year to March 31, up by Ã&#pound;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 Ã&#pound;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. 

ââ¬ÅâœWith current fuel costs at 24% of total costs, Flybeââ¬â¢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 quarterââ¬â¢s trading of this year, both revenues and operating profits were significantly higher than in the same period last year.
 
ââ¬ÅâœThe 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.ââ¬~

*See linked story.

by Phil Davies

• PRINT
• SEND TO A FRIEND
• SHARE

Post your comment

Your Comments (2)

, be the first to post a comment.
Your email:

Your comment title:


Your comment:

Email other comments made to this story

5 characters

• Yes but...
  
  

  You're right Jon, but let's not forget that Ryanair posted record profits earlier in the year & made very frank & pragmatic predictions about their future prospects. Just because we dislike thm so much, let's not automatically assume that they're wrong! I still haven't worked out their motives, but they must, as ever, have a view of where their strategy will take them. Keep your friends close & your enemies closer still...

  By Mike Tawil, Tuesday, September 9, 2008
• Trade & Customer Friendly Pays Dividends
  
  

  Unlike its mouthy Irish-based competition, FlyBe works with travel professionals and the public at large. Instead of complaining about users slowing website access FlyBE shows how being nice to everyone, including scrapers, can win friends and make money.

  By Jon Hewson, Tuesday, September 9, 2008