independent

Thursday 17 April 2014

Flybe losses widen to €48m as fuel costs soar

Flybe is selling its Gatwick runway space to rival easyJet
Flybe is selling its Gatwick runway space to rival easyJet

STRUGGLING British carrier Flybe 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.

 

The airline reported a pretax loss of £40.7m (€48m) 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 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 across Europe including Dublin and Knock.

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

Reuters

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