Flybe Expansion Plans Go-ahead
Volcanic ash and artic weather are to blame for Exeter based Flybe reporting a 4 million pound annual pre-tax loss.
But despite the headline figure - underlying profits are up by 2 hundred percent and they've just expanded buying a Finnish airline.
Flybe pressed ahead with expansion plans today as it entered in to a joint venture to buy a Finnish airline for 25 million euros (£22.6 million).
Flybe, which on Thursday 30th, reported a £4.3 million loss in its maiden annual results, has agreed to buy Finnish Commuter Airlines (FCA), in partnership with Finnair, Finland's flag carrier.
Flybe will take a 60% stake in the joint venture, to be known as Flybe Nordic, while Finnair will hold the remaining 40% stake.
FCA is Finland's largest domestic airline by operations, flying around 900,000 passengers per year in the Finnish domestic, Nordic and Baltic regional markets.
It currently has 15 aircraft and an annual turnover of approximately 90 million euros (£81 million).