Struggling British carrier Flybe has reported a bigger full-year loss, after a turbulent year of battling soaring fuel costs, falling passenger counts and higher airport charges, particularly in London.
The airline reported a pretax loss of £40.7 million in the year ended March 31st compared to a loss of £6.2 million a year earlier.
“Our results, while expected, are nonetheless disappointing and we have had to make hard decisions in our turnaround plan,” said chief executive Jim French.
Flybe said last month that it had axed hundreds of jobs and would sell its 25 take-off and landing slots at Gatwick airport to rival easyJet, effectively quitting its main London hub.
Flybe, the largest regional European airline, flies to nearly 100 airports throughout the continent - from Aberdeen to Zurich.
Flybe, which counts British Airways parent IAG and billionaire investor George Soros among its largest shareholders, said revenue fell marginally to £614.3 million.