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London Southend Airport owner Stobart Group swung to a full-year loss owing to a series of one-off expenses including airline marketing costs, infrastructure write-downs and losses on discontinued operations.
Net losses including from discontinued operations in the year through February amounted to £58.2m, compared to profits of £100.0m on-year.
On a continuing operations basis, pre-tax losses amounted to £42.6m, compared to an adjusted £14.3m loss on-year.
Revenue grew 39% to £146.9m, though underlying Ebitda fell 24% to £10.8m.
Stobart is part of a consortium along with Virgin Atlantic that this year agreed to acquire struggling regional carrier Flybe.
'This has been a transformational year for Stobart Group,' chief executive Warwick Brady said.
'We have significantly strengthened the board and management team and taken the opportunity to deal with legacy issues while putting in place appropriate operational rigour within the business.'
'As a result of the disposals and impairments in the year, the group has de-risked its balance sheet.'
Brady said Stobart had a clear focus on developing infrastructure assets in the aviation and energy sectors.
'These are high growth assets with strong market positions that are now well positioned to become increasingly cash generative,' he said.
'We will invest in accelerating the growth of our aviation and energy businesses through existing cash resources and further non-core asset sales.'
'By doing this, we can deliver sustainable operating cash flows and significant long-term value for shareholders.'
Stobart said it was delivering underlying Ebitda results in line with management expectations and continued to make strong commercial progress.