Flyglobespan back in profit

Some satisfaction being felt in Scotland this morning no doubt, after Flyglobespan announced a small group profit for the year ending October 2008. Preliminary figures show the carrier turned round a loss in 2007 to post a £1.2 million profit for the last 12 months during what by anyone’s standards has been a tough year.

Flyglobespan was spitting feathers last autumn when amid a the frenzy of airline collapses it was included in bookmaker PaddyPower’s controversial – and ultimately outlawed - list of odds on the next airline to collapse. It throughout maintained it would be profitable in 2008 and so it is difficult to begrudge Flyglobespan boss Tom Dalrymple some satisfaction in announcing the provisional profit today. Here’s a quick taste of what he’s had to say..

 

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“Despite difficulties caused by the unprecendeted increase in the cost of aviation fuel, we have turned round the problems of the previous year and are back into profit. I said that 2007 was a blip – a one-off year in what had been over 30 years of successful trading, and one that wouldn’t happen again. And I was right.

“Our outlook for the future is positive. Globespan has no debt, we have cash reserves built up from nearly 35 years of trading and we also have significant property assets.”

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