Profits down at Flybe
30.01.10
Pre-tax profits fell by nearly two-thirds at regional budget airline Flybe, it was revealed yesterday. The figures - just released - cover the year to the end of March 2009, and show pre-tax profits of £12.8m, down from £35.4m in 2007-08, excluding exceptional charges.
The Exeter-based airline said that business travel virtually stopped in the first 3 months of 2009. This sudden cut in income contributed to ‘unprecedented losses’ in the final quarter of its financial year.
Chairman and chief executive Jim French described the accounts as covering ‘a period affected by one of the deepest and most prolonged recessions seen by the aviation industry’. During the same period, BA reported a pre-tax loss of £401m.
Flybe's figures showed passenger numbers rose slightly, from 7m to 7.3m. Turnover rose by nearly 7%, to £572m. The airline operates 68 aircraft on 194 routes in 13 countries, flying from 36 UK airports and 32 European ones, and employs around 3,000 people.
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