AN airline which flies out of East Midlands Airport has reported a return to profitability as a result of cutting costs.
Flybe, which operates five routes from the Castle Donington airport, this morning reported full-year pre-tax profits of £8.1 million - a vast improvement on the year before when it made a loss of £41.1 million.
It is the first time the airline has posted a profit in four years, after being hit by falling passenger numbers, soaring fuel costs and higher airport charges.
The company reacted, trimming costs by giving up airport slots, cutting jobs, exiting unprofitable routes and grounding surplus aircraft.
Chief executive Saad Hammad said: "2013/14 marks the rebirth of Flybe. We implemented a turnaround plan to stabilise the business and then successfully raised over £150 million net to strengthen our balance sheet and drive sustainable profitable growth.
"The return to profitability is a great step forwards."
