Flybe currently employs more than 3,000 staff

The Exeter-based low-cost airline said it was a significant turnaround in its operational business.

Passenger numbers have risen from nearly two million to five million in the past five years, with routes increasing from 41 to 125.

Flybe operates services from Manchester, Birmingham, Southampton, Belfast City, Inverness, Norwich, Jersey, Guernsey and the Isle of Man.

The company said it had also finished integrating BA Connect, the loss-making regional arm of British Airways, following a takeover deal completed in March this year.

We are in a hell of a position to go forward Jim French, Flybe

Pre-tax profits increased by �20 from a �4.4m loss to �15.6m.

Chairman Jim French said the company was now a "much stronger business", with good cash reserves and a more balanced network.

"As the largest regional low-cost airline in Europe, cash in the bank and a new fleet, we are in a hell of a position to go forward," he said.

The company currently employs more than 3,000 staff and is expecting to boost passenger numbers to seven million in the next year.

Turnover is likely to be in excess of �500m, compared with �355m for the year to March 31.

The company made an overall loss of �19.9m, which it said reflected substantial restructuring costs in relation to BA Connect.