Flybe today said operations have “significantly improved” over the last year despite losses almost tripling.

The Exeter-based airline posted an adjusted loss before tax of £19.2m in the year to March 2018, up from £6.7m in the prior year.

Christine Ourmières-Widener, who was parachuted in as Flybe’s chief executive in last January, has cut less-profitable routes and implemented an IT systems overhaul. While losses have widened, Flybe's revenue rose 6.4pc to £752.6m. Passenger revenue per seat was 10.1pc higher at £53.79.

Flybe has been constrained under the weight of a series of costly aircraft leases in recent years. The leases, some stretching back as far as nine years, are either at, or coming to the end of, their term. The airline is in "control of their fleet" for the first time, one industry insider said, adding it was Flybe's "one opportunity" to turn losses into profits.

Ms Ourmières-Widener said: “Our business plan as we have set out last year has delivered significantly improved commercial performance.

“We are now able to focus on our most profitable routes.”

Ms Ourmières-Widener, who was previously the chief executive of Irish-carrier CityJet said Flybe is aiming to break even over the next 12 months.