Low cost airline Flybe has announced full year profits of £30.4 million with a 45% increase in sales to £535.9 million. Flybe accredits its relatively low fuel bill as one of the main reasons for its healthy profit margin. Making up just 24%, represents one of the lowest percentage lowest percentage loads in the aviation industry.
Due to the acquisition of BA Connect, Flybe recorded a loss last year, but the subsequent deal has ensured that Flybe is now one of the largest regional airlines in Europe. A growth in passenger volumes meant Flybe accommodated 7 million customers in over 500 flights per day.
Jim French, Chairman of Flybe said: "With one of the most fuel-efficient fleets and a passenger base that is less dependent upon discretionary leisure spend; Flybe is continuing to perform strongly in the current difficult environment."
As the aviation industry enters what Jim French called a 'period of consolidation’, many airlines have struggled to cope with rising fuel prices. Casualties of the difficult trading conditions have already been airlines Oasis, Silverjet and Zoom who went into administration last week.
Flybe flights currently operate to just under 200 destinations across Europe.
