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Flybe has slipped to a pre-tax loss of 7.1m after suffering aslump in the UK domestic market, as the regional carrier warnedthat the lack of a "coherent" aviation policy was damaging theindustry and the British economy. The Exeter-based carrier has struggled since its flotation in 2010,which has seen its shares lose about 80% of their value on the backof a string of profit warnings. Flybe said on Monday that grouprevenues in the year to 31 March rose 3.3% to 678.8m but thatwas not enough to offset rising costs as the company posted anunderlying pre-tax loss of 7.1m compared with a profit of 22.3m for the same period last year. Flybe's chairman and chief executive, Jim French, said the businessremained in a "challenging environment". Although Flybe hasdiversified into the Scandinavian market through a joint-venturewith Finnair, its overwhelming exposure is to the UK, where it hasstruggled to fill planes profitably on routes such as Southamptonto Geneva. Although Flybe is much smaller than Ryanair and easyJet, it is theUK's largest domestic airline partly a legacy of its acquisitionof British Airways's regional business in 2006. Overall, passengernumbers rose 5.8% to 7.6 million. Flybe also used its statement to criticise government aviationpolicy. Next month the government will launch two policy documents:a consultation on establishing a sustainable aviation strategy; anda request for options on maintaining Britain's hub airport status. Private industry exasperation over the government's ban on runwayexpansion in south-east England has, over the past year, broken outinto increasingly vociferous public criticism of the policy. Flybe said: "At a time of economic difficulty, a lack of a coherentand comprehensive transport policy , combined with illogical hikes in stealth taxation on an industrycritical to the country's economic prosperity, is having adetrimental impact on airlines such as Flybe and ultimately theprosperity of the UK's economic regions." Douglas McNeill, an analyst at Charles Stanley Securities, saidFlybe's first year as a listed business had been a disappointment,but said the results had not deepened its difficulties, withnon-fuel costs rising by a respectable 3% showing management wasdoing its best to mitigate a soft trading environment. "The first full year post-IPO has been a disappointing one, withprofit giving way to loss and return on capital nowhere near thegroup's cost of capital. However, underlying demand looks no weakerthan we thought, and non-fuel costs are under tight control.". The e-commerce company in China offers quality products such as Contemporary Wall Clocks , Wall Flower Stickers Manufacturer, and more. For more , please visit Wall Sticker Clock today!
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