Flybe climbs back into the black as its turnaround plan takes off

Suzie Neuwirth
British airline Flybe yesterday showed that its turnaround plan was reaping rewards, as it reported its first pre-tax profit in four years.

The carrier made £8.1m last year, compared to a loss of £41.1m the year before. “We have stabilised the business and renewed stakeholder confidence,” boss Saad Hammad told City A.M.

The firm launched a restructuring plan last year to save £47m in costs, which included 1,100 job cuts. Flybe said there would be further job losses, but Hammad said “the bulk of the targeted £24m savings this year will not be headcount related”. Revenue edged up one per cent to £620.5m.

Shares rose around four per cent in early trading, but closed 1.7 per cent lower on wider sector issues.

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