Flybe consortium partner Stobart Group plunged deeper into the red during the year to March 2019.
Figures posted by the infrastructure and support services group yesterday showed pre-tax losses of £42.6 million, compared with a deficit of £14.3m a year ago.
Carlisle-based Stobart Group, which now owns 30% of Flybe, alongside Virgin Atlantic (30%) and Cyrus Capital Partners (40%) following a consortium takeover of the airline earlier this year, said its latest results were hit by aviation costs and a £16m-plus write-down.
The group made a £15.5m loss on discontinued operations during the period, including Stobart Air and its aircraft leasing business, Propius.
These were sold to the Connect Airways (Flybe) consortium back in February.
Stobart said it was hampered by £16.3m of depreciation costs from ongoing operations, as well as £10.2m in aviation and energy costs, it said.
The firm also revealed plans to develop a regional connectivity strategy using London Southend Airport, which it owns, as a key to unlocking aviation capacity constraints in the south of England.
