Stobart Air posts £3.2m profit in last financial year

Stobart Air is now part of Connect Airways, a consortium between Virgin Atlantic and Stobart Aviation.

Its revenues also climbed from €144.6m (£123m) to €162.8m (£139m).

In January this year, Connect announced an agreement to buy struggling UK regional carrier Flybe for £2.8m.

The accounts just filed for the company behind Stobart Air, Everdeal Holdings, only reflect the Stobart Air business, which is led by managing director Andy Jolly.

The company employs close to 600 people, including about 400 crew members.

Of its revenue in the last financial year, €69.2m (£59m) was generated in the Republic and the remainder outside the country, primarily in the UK.

Its revenue figure included €134m (£114m) in ticket sales, €13.2m (£11.3m) from wet lease and charter activity, and €15.6m (£13.3m) in other ancillary income.

Its income also included €7.1m (£6m) in supports received for the operation of a public service obligation (PSO) routes from Dublin to Donegal and to Kerry.

Those two PSO contracts run until 2022, having been awarded in 2018.