Flybe announces pre-tax profit
Flybe has announced a pre-tax profit of almost £7million and says it is planning rapid expansion into Europe this year.
The airline, which claimed it was one of only three major European carriers to make a profit during the recession, made £6.8million in the year to the end of March.
That was almost 50% less than it made the previous year, when its profits hit £12.8m, but Flybe said its profits after restructuring costs were deducted came to £5.7m to March 2010 compared with just £100,000 the previous year.
The airline carried slightly fewer passengers than in 2008/09 but its profits were helped by the sale of ancillary items, which rose 15.9% to an average of £11.98 per passenger.
The airline halved its debt from £49.8m to £21m during the year and says trading during the first five months of this year has been strong. Revenues and pre-tax profit were ahead of the same time last year before the impact of the Icelandic ash cloud, which cost the airline £12m.
It says a codeshare agreement signed with Air France in July, ongoing discussions with Finnair to give Flybe greater access to the Scandinavian market and the addition to its fleet of up to 140 new Embraer E-series aircraft would enable it to ‘accelerate the roll-out of the Flybe proposition into continental Europe’.
Chief executive Jim French said: "While the global economic outlook remains unclear, we remain optimistic that Flybe will continue to make strong progress during 2010/11, especially as a result of our recent deals with Air France and Embraer."
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Strike action set to cause travel chaos at Brussels airports