Annual profit takes off for Flybe - its first since 2010

Flybe has registered its first annual profit in six years
Flybe has registered its first annual profit in six years
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Regional airline Flybe has swung into the black in its full-year results, marking its first profitability since becoming a public company six years ago.

It achieved a £5.5 million pre-tax profit in the 12 months to 31 March, compared with a pre-tax loss of £25.4m in the year before, while group revenue grew by 8.7 per cent to £623.8m.

The firm said this progress came despite negative factors such as “the adverse bookings impact experienced from the tragic events in Paris in November and in Brussels in March”. Passenger numbers rose 5.9 per cent.

Flybe chief executive Saad Hammad said: “This year was the second full year of our three-year transformation plan and our performance has been very encouraging. As a result of all the action we have taken, Flybe is now a much more resilient business and well-positioned for profitable growth.”

However, the airline added that the industry environment “remains challenging”.