Member Article

Flybe achieves profitability for first time as a public company

After five years of losses Europe’s largest independent regional airline, Flybe, has returned to profitability.

The Exeter-based company, which operates more UK domestic flights than any other provider, today announced its results for the year ended 31st March 2016.

This year represented the second full financial year of Flybe’s three year transformation plan and progress has been ‘very encouraging’ according to the firm’s Chief Executive.

The business revealed an 8.7% increase in group revenue to £623.8m, up from £574.1m in 2014/15 whilst its £6.8m reported profit after tax was significantly up from its £35.7m reported loss in 2014/15.

Saad Hammad, Chief Executive, said: “We achieved profitability for the first time as a public company, following losses in every year since Flybe’s stock market flotation in 2010.

“As a result of all the action we have taken, Flybe is now a much more resilient business and well positioned for profitable growth.

“We are pleased with this performance and confident that we are well placed to navigate the current industry challenges with the strongest balance sheet in our history and a disciplined organisation which is already taking cost and capacity actions to support profit growth in the coming year.

“As we enter the final year of our turnaround, we have set down strong foundations for the future and made good progress in transforming Flybe into a sustainable, world-class regional European airline.”

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