AIM-listed regional airline Flybe (LON:FLYB) has reported losses before tax of £9.4 million for the year ended 31st March, including £11.1 million in non-cash revaluation gain on aircraft loans. Revenues rose by 6.4% to £752.6 million as load factors improved by 6 percentage points and revenue per seat was up by 10.1% due to a renewed focus on key routes. Management said that they were happy with the initial stages of their Sustainable Business Improvement Plan with upgrades to the fleet and online services already having taken place.
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Management warned that conditions in the European air travel market remained difficult due to excess capacity, higher fuel prices, and consumer and business uncertainty. However, the company did say that there has been a positive start to the current year with further improvements in load factor and revenues. Shares in Flybe sank 4.29% to 37.90p at 13:45 BST.