Budget carrier Flybe announced a fall in profit and revenue, despite making more money per passenger, and increased the the amount of capacity it is using.
It announced a lost before tax of £35.6m for the year ending March 31, after a profit of £8.1m the year before. Revenue was down to £574.1m, a 7.5 per cent drop.
The airline has been hurt by costs incurred due to the ending of a joint venture in Finland, which cost it £12m.
Saad Hammad, Flybe chief executive, said:
We have just completed the first full financial year of our three year transformation plan. Despite a more challenging environment than anticipated, significant progress has been made. There is much more to do, but I am keen to put on record my thanks to all our pilots, cabin crew, engineers and everyone in the field and at HQ in Exeter for their commitment and effort. Flybe is back on track to recovery and profitable growth.
In the financial year, Flybe launched two new bases in Aberdeen and Bournemouth, as well as 26 new routes.