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Flybe has announced adjusted losses before tax of £19.2 million for the year to March 31st, up from £6.7 million for the same period the year before.
The reported was adjusted following the revaluation of US$ aircraft loans of £20.5 million and is in line with market expectations, the carrier said.
The regional airline saw a 6.4 per cent increase in group revenue, to £753 million.
At the same time, Flybe welcomed a 7.7 per cent increase in passenger volumes, seeing 9.5 million travellers last year.
Christine Ourmières-Widener, chief executive at Flybe, commented: “Flybe has made significant progress during my first full year as chief executive.
“With our fleet size under control, we are already delivering improvements to passenger yield, load factors and revenue.
“Our Sustainable Business Improvement Plan, launched last year, is enhancing the business in a number of key areas including, network decision-making, revenue management and commercial performance.
“Profitability has however been impacted by higher maintenance costs, IT investment and the poor weather in the final quarter.”
She added: “We now have a new senior management team in place, with greater aviation experience, and we are all focused on delivering the business plan through continued improvements to revenue, a renewed focus on cost reduction and therefore achieving profitability.”
The initial stage of the Sustainable Business Improvement Plan has delivered significantly improved commercial performance, with load factor growing by six percentage points and a 10.1 per cent increase in revenue per seat.
Flybe said it had invested in improving the performance of its Bombardier Q400s to enhance aircraft reliability and on-time performance.
“There is growing awareness of the importance of regional air connectivity, not just to the economy and in connecting people, but also in connecting customers to long-haul services with increased interest from legacy carriers.
“This is shown by the success of our new routes in Heathrow and the growth in our codeshares.
“Flybe has a unique position in UK connectivity and in its relationship with nine million UK passengers,” added Ourmières-Widener.
Source: breakingtravelnews.com