British airline Flybe reports bigger loss

Struggling British carrier Flybe Group reported a bigger full-year loss, after a turbulent year of battling soaring fuel costs, falling passenger counts and higher airport charges, particularly in London.

By The Newsroom

Published 21st Jun 2013, 09:46 BST

The airline reported a pretax loss of £40.7m in the year ended March 31 compared to a loss of £6.2m a year earlier.

“Our results, while expected, are nonetheless disappointing and we have had to make hard decisions in our turnaround plan”, said chief executive Jim French.

Flybe, which flies from Leeds Bradford, Doncaster and Humberside, said last month that it had axed hundreds of jobs and would sell its 25 take-off and landing slots at Gatwick airport to rival easyJet, effectively quitting its main London hub.

Flybe, the largest regional European airline, flies to nearly a 100 airports throughout the continent - from Aberdeen to Zurich.

Flybe, which counts British Airways parent IAG and billionaire investor George Soros among its largest shareholders, said revenue fell marginally to £614.3m.