Flybe sets sights on European growth

UK regional airline Flybe today said it will continue its expansion into continental Europe after becoming one of only three major European airlines to report profits throughout the recession.

The privately-owned carrier, which recently signed a codesharing agreement with Air France, said it is looking at potential acquisitions of regional airlines in Europe after weathering the economic storm.

But the airline said it would maintain its regional ethos, with flight times continuing to average less than an hour, on board planes with just 85 seats.

Flybe, which is also in flight share discussions with Scandinavian airline Finnair, said it had put in an order to purchase up to 140 new aircraft, which would replace some of its current 68-strong fleet.

The carrier, which is based in Exeter in the UK, posted pre-tax profits before exceptionals of £6.8m (€8.1m) in the year to March 31, down from £12.8m (€15.3m) the previous financial year, after a marginal decline in turnover to £570.5m (€681m) from £572.4m (€683m).