British airline Flybe's cost-cutting measures appear to have paid off as it announced its first profit in four years.

The airline's pre-tax profits stood at £8.1 million for the year to March 31st. A year ago, it suffered losses of £41.1 million.

Chief executive Saad Hammad said it has made a good start to full-year 2015 and is trading in line with expectations.

Airlines have faced a particularly difficult few years in the aftermath of the 2008 recession, with cash-strapped consumers cutting down on unnecessary journeys. This added to the existing pressures of soaring fuel costs and higher airport charges.

However, in January 2013 Flybe embarked on a radical cost-reduction programme, driving through job cuts and other measures designed to make savings.

This year, revenue rose by one per cent to £620.5 million, with record passenger numbers and load factors in its UK business.

Mr Hammad commented: "We are moving to build on our early success.  We have a plan and we have the firepower. The group is now well-placed to become Europe's best local airline."