Flybe Propels Into Profit Loss, Looks Towards Fleet Reduction

UK regional carrier Flybe announced this week that it finished in the red with a £20 million loss this year to the end of March, swinging from a £2.7 million profit the year before. Although company revenues increased by 13.4 percent to £707 million, the causes for the pre-tax loss can be attributed to lower load factors and non-profitable routes. But also, during this period of time, the airline's IT department spent over £4 million on system upgrades and an…