Flybe jets back into the black as UK passengers hit record

11th Jun 2014 07:15

A business shake-up and record passenger numbers in its resurgent UK flight operation have helped to lift regional airline Flybe back into the black.Flybe, which has axed hundreds of jobs and several bases to turn around its recession-hit UK business, announced adjusted pre-tax profit in the year to March 31st of £1.7m, against a £23.6m loss a year ago.The group said its UK business increased passenger numbers by 6.9% to 7.7m despite a 1.4% fall in seat capacity.The airline's load factor - how full its aircraft were - rose to 69.5% from 64.1% a year earlier.Flybe's revenue under management rose 11.1% to £868.4m, which it attributed to significant growth in its contract flying business in Finland, which it is trying expand to take in to other territories.The company's share of the UK regional market, where Flybe has seven UK bases serving 64 airports throughout Britain and continental Europe, rose to 55.1% from 52.4% a year ago. The group, which raised more than £150m in March to boost its balance sheet, said operating costs fell 3.3% to £619.5m.Chief Executive Saad Hammad said the carrier had begun 2014/2015 well."We're moving to build on our early success. We have a plan and we have the firepower," he said.PW