FlyBE, the UK regional low fares airline, more than doubled its operating loss in its last financial year to the end of March, but was able to report a pre-tax profit thanks to a ?17m windfall secured through the sale of lucrative take off and landing slots at London Heathrow airport.

The airline is expected to report on Thursday, that it is on track to make an operating profit in the current year to March 2005, however, for the first time in five years.