Struggling British carrier Flybe Group Plc has reported a bigger full-year loss, after a turbulent year of battling soaring fuel costs, falling passenger counts and higher airport charges, particularly in London.
The airline reported a pretax loss of £40.7 million in the year ended 31 March compared to a loss of £6.2 million a year earlier.
Chief executive Jim French said the results, while expected, were nonetheless disappointing. He said the airline has had to make hard decisions in recent times as part of its turnaround plan.
Flybe said last month that it had axed hundreds of jobs and would sell its 25 take-off and landing slots at Gatwick airport to rival easyJet, effectively quitting its main London hub.
Flybe, the largest regional European airline, flies to nearly a 100 airports throughout the continent - from Aberdeen to Zurich.
In the Irish market, it operates routes to and from Belfast, Dublin and Shannon.
Flybe, which counts British Airways parent IAG and billionaire investor George Soros among its largest shareholders, said revenue fell marginally to £614.3 million.