The Glasgow-based airline warned a loss was likely after the agreement between the two carriers ended last August, meaning Loganair could no longer fly under the Flybe banner.

The break-up with the largely domestic carrier left Loganair competing on six routes of its “largest routes”, including a number in the Highlands and Islands of Scotland.

"This year’s results bring to an end 17 consecutive years in profit for Loganair, and the fact that we forecast last year that we would be loss-making in 2017/18 makes it no less painful,” said Loganair chairman David Harrison.

"The extent of the loss is a direct result of competition on six of our eight largest routes. From the outset, we maintained the markets on these routes were simply not big enough to sustain the level of seat capacity being introduced - this indeed proved to the case."

Loganair previously warned the Flybe split would result in a number of one-off costs, including rebranding, creating a new reservations system and booking website, plus a contact centre at Glasgow airport.

These, said Loganair, amounted to £2.98 million as it sought to re-establish itself as a standalone brand.

Delayed code sharing agreements cost a further £2 million but competition with Flybe was the major hit, estimated to have been worth £6.8 million.

Jonathan Hinkles, managing director, said prices on competitive routes “fell to unsustainable levels”.

Loganair signed three new interline agreements earlier this year with Air France, KLM and Thomas Cook Airlines. A deal with Emirates was said to be close too, as well as three more international airlines.

And just this month, the Scottish carrier said it was planning to expand flights to Europe next year with its first new jet aircraft for nearly 30 years.

Its two 50-seat Embraer aircraft, sourced from sister airline bmi, are expected to be deployed on a new Glasgow-Brussels route.

In the year to March 2018, Loganair passenger numbers were up 6.2% to 812,541 - a record high - while turnover increased 7% to £110.7 million.

Hinkles added he was proud of the carrier’s rebrand, system improvements and sales and marketing programme.

However, Loganair has been forced to postpone its Carlisle programme, serving Southend, Belfast and Dublin, until September following delays to the resumption of commercial flights from the Lake District airport due to a lack of trained air traffic control staff.