European regional low-cost airline Flybe has published record financial results for the year ending March 31 2007, with a 17% increase in turnover to £355 million.
Profits before tax also increased to £15.6 million, an increase of £20m over the previous year. The airline carried around 5 million passengers in the year 2006/2007.
The company has also confirmed the successful integration of the BA Connect business following its March acquisition. Flybe said that, as a result, it was on target to deliver its planned £40m of cost savings having reduced its facilities in the Isle of Man and Bristol and closing its Manchester head office.
Flybe said it benefited from new airport deals and having successfully converted BA Connect passengers to Flybe’s high ancillary revenue sales model. Flybe has also sold of all of the Embraer 145 aircraft inherited from BA Connect, and at prices within the funding provided by British Airways for this purpose.
Significant progress has also been made to sell the small number of remaining BAe 146s in Flybe’s fleet with the remainder expected to be disposed of by February 2008.