Passenger numbers and revenues on upward flight path for Flybe

INVESTMENT in capacity, matched by increased passenger numbers, has delivered revenue growth for Flybe as its turnaround strategy takes effect.

The airline, which is Europe’s largest regional airline and flies to 24 destinations from Leeds Bradford Airport, said it is “positioned well to continue its positive momentum” after strong performance in the final quarter of its financial year.

It added 15% capacity in the three months to March 31, but managed to maintain its average load to deliver 15% passenger growth.

This resulted in a 5% increase in passenger reveneues, after taking into account the yield investment associatied with the additional capacity and lower spot fuel prices.

The airline said it is “on track” to achieve break even on pre-tax profits. However its exceptional items will include the £26m cost of the E195 jets and any impact of US Dollar loan revaluation.

Flybe’s chief executive Saad Hammad said: “We’re pleased to report a return to growth at Flybe, one year after our capital raise. These results demonstrate that we are beginning to deliver on the company’s growth opportunities and that we’ve tackled the majority of the company’s legacy issues.”
 
“There is clearly more to do; further improvements in efficiency, further cost reductions and the resolution of our remaining surplus aircraft. However, one year into our turnaround, we have a clear line of sight towards profitable growth.”