Southampton Airport's biggest carrier Flybe continues to court City investors with its first ever results announcement today.

Flybe this morning hailed an interim pre tax profit of £14m and traffic growth of 24 per cent as evidence of the "robustness" of its low cost business model.

Although a privately held company, Britain's third largest low-cost airline has begun to behave like a PLC in readiness for a possible market listing in about 18 months.

Companies not listed on the stock market are under no obligation to announce their results.

About 90 per cent owned by the Jack Walker Trust, a body controlled by the family of former steel magnate and Blackburn Rovers FC sugar-daddy Jack Walker, Flybe is an unconventional holding for such a fund. Hence, the company has been "exploring other ownership options" for some time.

These are understood to include either institutional investors, venture capital or a trade buyout, with the latter considered unlikely.

Jonathan Yousafzai, investment manager of Southampton stockbrokers Thesis, welcomed the approach.

"It is a bit flirtatious but I take my hat off to them. They are testing the water with investors and it is quite a clever way of parading yourself. In one fell swoop they are courting all potential buyers.

"The reality is that institutions might be a bit sceptical of another discount operator.

"I think there's a chance it will go the venture capital route and then come to the market later."

Flybe bosses hope to seal a deal with new owners in about 18 months.

The company's managing director, Jim French, was pleased with the 12-months, which has seen the company increase passenger numbers from zero to more than one million out of Southampton Airport alone.

He said: "We have a clear business model that we will continue to aggressively execute. We have created one of the strongest and most visible national aviation brands in the UK."