New Flybe pilot to shed planes as losses spiral

Flybe’s new pilot Christine Ourmières-Widener today vowed to pull the troubled airline out of its tailspin by next year, as she begins handing back aircraft.

Flybe nosedived to a bigger-than-expected pre-tax loss of £19.9 million in the year to March, compared with a profit of £2.2 million the year before.

Revenues for the year increased by 13.4% to £707.4 million. The losses were exacerbated by IT hits and revaluation of a US loan.

Chief executive Ourmières-Widener said the airline would begin cutting unprofitable routes in the second half, with capacity falling by 4% by the end of the year.

The airline has lost its chief executive and finance director in the past six months, while its share price has plunged by almost 38%.

By 2020, Flybe expects to have reduced its fleet from 85 to 65 planes as the airline focuses on flying only from the UK and back. Intra-European routes between Germany and Italy are expected to be among the first to be cut.