Flybe fall in profits announced

In line with guidance provided in March, Flybe has announced an adjusted loss before tax loss of £6.7million, after IT write-downs of £4.8m. The reported loss before tax of £19.9 million excludes US dollar loan revaluation losses of £13.2 million. Flybe says that although the loss is at the lower end of its guidance range, the airline expects further IT costs of around £6 million in 2017/18 relating to cancellation penalties on existing contracts. Flybe reported an 13.4% increase in group revenue to £707.4 million, compared to £623.8 million in 2015/16. Total revenue increased by 12.4% to £675.6 million. Passenger