The regional carrier has returned to profit after enduring a turbulent few years. Guy Warner paid a visit to its Exeter base to hear about the airline’s remarkable turnaround.
Flybe, like the majority of the world’s airlines, has had its fair share of ups and downs. The carrier, and its previous incarnations Jersey European Airways and British European, has been a familiar presence at airports across the UK and beyond for almost four decades. It has come a long way since its formation in 1979, growing from island-hopping services in the Channel to Europe’s largest regional carrier, operating 215 routes from 77 departure points – 37 in the UK and 40 in mainland Europe – in ten countries.
It hasn’t all been plain sailing. The airline was floated on the London Stock Exchange in late 2010 and, three years and several profit warnings later, its share price had crashed from 295p to just 40p. In 2013, Flybe slumped to a £40.7m loss as more than one third of its 158 routes failed to cover their fixed costs, and debts rose to a reported £66.3m.
Enter Saad Hammad, a former easyJet executive brought in to spearhead the carrier’s revival. Widespread redundancies and pay cuts followed as the company entered a painful period of restructuring.
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