Flybe attempts to turn around the company after losing $63.2 million in its fiscal year

Flybe (Exeter) is struggling to turn things around financially after reporting a loss of $63.2 million in the past fiscal year. The past year, according to the carrier, has been the most challenging year in its 10-year history. A new CEO, former easyJet executive Saad Hammad, is now closely looking at the company in great detail and bringing in new people to fill resignations.

According to its annual report, Flybe has removed 13 aircraft from the fleet and deferred another 16 aircraft. 75 percent of the fleet is now deployed on lower-risk contract flying, especially at Flybe Finland. The company is targeting a goal of over $77 million in long-term yearly cost reductions.

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Copyright Photo: Ton Jochems/AirlinersGallery.com. Embraer ERJ 170-200STD (ERJ 175) G-FBJC (msn 17000328) taxies to the runway at Amsterdam.

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