Exeter-based Flybe back in profit

Flybe today announced revenue growth, up £31.8 million to £339.6m.

The Exeter-based firm made a £22.9m profit after reporting a £3.3m loss a year ago.

The company said it had completed the first three chapters of its four part transformation: relaunching the business witht a stronger balance sheet, modernising its brand and handling its major legacy issues while returning to growth. It is now focused on profitable growth.

Chief executive Saad Hammad said: "Our turnaround is on course with a very encouraging performance in the first half. We have returned to profit by delivering significant revenue growth through capacityinvestment and improved commercial execution, while reducing unit cost. We are also pleased to have resolved all our key legacy issues with the completion of Project Blackbird. The benefits from this will start to come through next financial year."