Airline Flybe posted increased losses in its full year results, blaming a tough operating environment, particularly in the UK.
In the year to the end of March losses increased 44% on the year before to £6.2m.
Revenues were up up 3.3% to £615.3m, while passenger numbers were also up 5.8% to 7.6m
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
But Flybe said it had faced a five per cent decline in its core UK market during the year along with high fuel prices and other inflationary pressures.
The firm is being battered from all sides, including being hit by the annualised price of oil being the highest ever recorded in history, airport infrastructure costs increasing significantly above RPI and also government taxation through Air Passenger Duty continuing to increase.
However, it adopted a bullish tone, saying the firm was a "business of real scale and substance, and one which has again demonstrated its resilience".
"Flybe is well placed to take advantage of any improvement in the UK macro environment and has a strong platform in Europe to leverage, leaving the Group strongly placed for the future," it said.
-
Is it time to ride the recovery in emerging markets?Interview What's the outlook for emerging markets? Gustavo Medeiros, head of research at Ashmore Group, gives his analysis and reviews progress in developing economies
-
Could the Enterprise Investment Scheme cut your tax bill?The Enterprise Investment Scheme is tax-efficient and potentially lucrative. Taking a chance on the scheme could trim your family’s IHT bill, says David Prosser
