Flybe is looking for a buyer following profit warning

A Flybe Bombardier Dash 8. Photo: © Jonathan Payne

Flybe has announced that the company is searching for a potential buyer, in efforts to recover from a tough financial year.

The British regional airline ended its 2017/2018 financial year with a pre-tax loss of £9.4 million, despite the highest load factor to date with 75.6%.

Last month, Flybe issued a profit warning, stating that they’re on track for an annual pre-tax loss of £22 million. The airline has been hit hard by the weakening Pound, fuelled by Brexit, along with rising oil prices and slowing customer demand. It has blamed weaker demand at the start of the financial year on extreme weather conditions.

Flybe says it is already in active talks with several potential buyers.

The carrier is the biggest regional airline in Europe and the UK’s largest provider of domestic flights. Flybe operates a fleet of around 80 airplanes, consisting mostly of Bombardier Dash 8 Q400, but also ATR and Embraer E-jet aircraft. It employs more than 2,300 people.