Flybe bounces back to profit

Flybe has returned to profits after a major shake up of the Exeter-based business.

The airline reported pre-tax profits of £8.1m in the year to the end of March, up from a £41.1m pre-tax loss in the previous year. Total revunue rose 11pc to £868.4m.

Saad Hammad, the chief executive officer, who was brought in to turn the business around after a number of profit warnings said: "2013/14 marks the rebirth of Flybe ... The return to profitability is a great step forwards.

"We have made a good start to FY15, in line with our expectations... We are moving to build on our early success. We have a plan and we have the firepower. The Group is now well-placed to become Europe's best local airline."

Flybe faced criticism after announcing a new London flight from Exeter but axing several routes to Mediterranean destinations.