Flybe reports deeper annual loss as fuel costs rise

FlyBe aircraft Flybe has been hit badly by rising fuel costs

Related Stories

Flybe, the troubled Exeter-based airline, has seen losses increase after seeing passenger numbers fall and fuel costs rise.

It reported a pre-tax loss of £40.7m for the year to 31 March, against a loss of £6.2m the year before.

Flybe has shed hundreds of jobs and is looking sell assets as it attempts to revive its fortunes.

It is selling 25 pairs of arrival and departure slots at London Gatwick to Easyjet for £20m.

The airline has also deferred the delivery of 20 Embraer aircraft, and has agreed in principle to cut its pilots' pay by 5% in return for extra time off.

Flybe said UK passenger numbers fell by 1.1% last year to 7.2 million from 7.3 million. Fuel costs rose to £122.6m from £106.4m the year before.

"Our results for 2012-13, while expected, are nonetheless disappointing. During the year, we have taken difficult decisions as part of our turnaround plan, which have affected all our people," said chief executive Jim French.

"Our turnaround plan has involved considerable efforts to reduce the cost base of the business. Inevitably, and sadly, this process has to date involved the departure of around 490 people from the business."

More on This Story

Related Stories

From other news sites

* May require registration or subscription

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features & Analysis

From BBC Capital

Programmes

  • A prosthetic legClick Watch

    How motion capture technology is being used to design bespoke prosthetics

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.