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.