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BA profit down after year of woes BA may face £350m collusion bill
(20 minutes later)
British Airways has seen its annual pre-tax profits fall by £5m or 0.8% to £611m in the year to 31 March, after a spate of negative events hit the firm. British Airways has said it has put aside £350m to cover possible fines over breaches of competition law.
A terror threat in August last year saw it cancel 1,280 flights, while severe fog last Christmas saw hundreds of flights delayed and cancelled. The charge relates to a finding last year that it had discussed fuel surcharges with competitors.
And a proposed strike by cabin crew was called off, but not before thousands of passengers had cancelled reservations. The news came as BA said annual operating profits had slumped 13% to £602m after a spate of negative events.
This led to profits falling 72% between January and March. Thousands of flights were cancelled after a terror threat in August, with many more hit by severe fog over the Christmas period.
British Airways (BA) chief executive Willie Walsh said the results were " strong" in what had been "a challenging year", which saw sales up 3.4% to £8.49bn. And a proposed cabin crew strike was called off but not before thousands of passengers had cancelled reservations.
Pre-tax profits fell 0.8% to £611m, better than analysts had expected.
British Airways (BA) chief executive Willie Walsh said the results were " strong" in what had been "a challenging year", which saw sales up 3.4% to £8.49bn in the year to 31 March,
"We know at times it has been a frustrating year for our customers, caused by disruption and overly restrictive UK government security measures on hand baggage," he said."We know at times it has been a frustrating year for our customers, caused by disruption and overly restrictive UK government security measures on hand baggage," he said.
Attractive targetAttractive target
August's terror threat left BA with a hefty bill for hotels, catering and baggage recovery. The August terror threat saw BA cancel 1,280 flights, and left BA with a hefty bill for hotels, catering and baggage recovery.
Increased security restrictions introduced also meant the number of business passengers taking its flights fell in the following weeks.Increased security restrictions introduced also meant the number of business passengers taking its flights fell in the following weeks.
Last gasp talks in January prevented a series of strikes, but the cancellations already made led to profits falling 72% between January and March.
After the collapse of a private equity bid for Australia's national carrier Qantas, some analysts have tipped BA as a potential takeover target.After the collapse of a private equity bid for Australia's national carrier Qantas, some analysts have tipped BA as a potential takeover target.
Its shares rose 2.4% on Thursday as Goldman Sachs described it as the "jewel in the crown" in terms of its attractiveness to potential buyers.Its shares rose 2.4% on Thursday as Goldman Sachs described it as the "jewel in the crown" in terms of its attractiveness to potential buyers.
BA is also believed to be considering a bid for Spain's carrier, Iberia, in which it already owns a 10% stake.BA is also believed to be considering a bid for Spain's carrier, Iberia, in which it already owns a 10% stake.
Earlier this year the airline sold off its loss-making regional airline BA Connect as it tried to plug a hole in its £2.1bn pension deficit.Earlier this year the airline sold off its loss-making regional airline BA Connect as it tried to plug a hole in its £2.1bn pension deficit.
The airline also announced on Friday that it had ordered eight new short haul Airbus A320 planes for delivery between 2008 and 2010.The airline also announced on Friday that it had ordered eight new short haul Airbus A320 planes for delivery between 2008 and 2010.