Domestic airline Flybe has announced a return to profit following a successful cost cutting programme.
In the airline’s financial results for the year ending March 31, Flybe made a pre-tax profit of £8.1 million compared with losses of £41.1 million a year earlier.
Flybe’s CEO Saad Hammad said the airline has also made a good start to the financial year 2015, which he said is “in line with expectations”.
The company recently embarked on a major restructuring project, which included 500 job losses as it tried to save £235 million.
Flybe's cost cutting programme saw it give up airport slots, exit unprofitable routes and ground surplus planes.
Sustainable profit
The results showed total group revenue under management rose from £781.5 million to £868.4 million and the airline posted record passenger numbers and load factors in its UK business.
“2013/2014 marks the rebirth of Flybe. We implemented a turnaround plan to stabilise the business and then successfully raised more than £150 million net to strengthen our balance sheet and drive sustainable profitable growth,” said Hammad.
“The return to profitability is a great step forwards. This enables us to start implementing our twin-engine strategy of growing our UK branded business and our white label operations across Europe.”
Flybe operates flights mainly within the UK but also operates some scheduled flights to European destinations.
Flybe.com