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
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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.
December 2023 NS&I Premium Bond winners - check now to see what you’ve won
If you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
By Vaishali Varu Published
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
By Dr Matthew Partridge Published