Menu
17/05/2004
BA pre-tax profits soar by 70%
British Airways (BA) has today posted an annual pre-tax profit of £230 million – up £95 million, or 70%, on last year's mark.
The operating profit for the full year to March 31 rose from £295 million to £405 million – of which the fourth quarter saw £32 million.
The company also reported that it had exceeded its two-year Future Size and Shape targets - achieving £869 million in cost savings against a target of £650 million. More than half of the savings (£481 million) arose from a manpower reduction of 13,082 staff reached in March.
The company also said that it had reduced the number of aircraft in service by 39 from 330 to 291.
Chief executive Rod Eddington said that BA had ended the year a stronger business despite the challenges faced by the industry – but there was more to do.
“We continue to improve the customer experience with new products and greater use of technology," he said.
“In the UK, two out of every three BA customers are travelling with an e-ticket. This year, we have installed 191 new self-service kiosks around the network and more than 50% of our shorthaul leisure fares are now sold via ba.com in the UK.
“Our people have done a wonderful job in challenging circumstances. I thank them all.”
Lord Marshall, British Airways chairman, said that the continuing focus on controllable costs "remains key to long-term profitability”.
Operating cashflow for the full year was £1,093 million, down £92 million on last year. Net debt at £4,158 million, fell by £991 million from March 2003 and by £2.4 billion from the December 2001 peak to its lowest level since December 31 1997.
BA has forecasted a 2-3% revenue improvement in the current year. However, the rising price of crude oil has meant that fuel costs are now expected to be £150 million higher this year than last, the company said.
The Board has recommended that no final dividend be paid.
(gmcg)
The operating profit for the full year to March 31 rose from £295 million to £405 million – of which the fourth quarter saw £32 million.
The company also reported that it had exceeded its two-year Future Size and Shape targets - achieving £869 million in cost savings against a target of £650 million. More than half of the savings (£481 million) arose from a manpower reduction of 13,082 staff reached in March.
The company also said that it had reduced the number of aircraft in service by 39 from 330 to 291.
Chief executive Rod Eddington said that BA had ended the year a stronger business despite the challenges faced by the industry – but there was more to do.
“We continue to improve the customer experience with new products and greater use of technology," he said.
“In the UK, two out of every three BA customers are travelling with an e-ticket. This year, we have installed 191 new self-service kiosks around the network and more than 50% of our shorthaul leisure fares are now sold via ba.com in the UK.
“Our people have done a wonderful job in challenging circumstances. I thank them all.”
Lord Marshall, British Airways chairman, said that the continuing focus on controllable costs "remains key to long-term profitability”.
Operating cashflow for the full year was £1,093 million, down £92 million on last year. Net debt at £4,158 million, fell by £991 million from March 2003 and by £2.4 billion from the December 2001 peak to its lowest level since December 31 1997.
BA has forecasted a 2-3% revenue improvement in the current year. However, the rising price of crude oil has meant that fuel costs are now expected to be £150 million higher this year than last, the company said.
The Board has recommended that no final dividend be paid.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
28 June 2006
Royals cost £37 million per year
The cost of keeping the monarchy in the UK cost the taxpayer £37.4 million last year, the Queen's financial public accounts have revealed. The cost, which is equivalent to 62p for each individual taxpayer, increased by 4.2% from the previous year.
Royals cost £37 million per year
The cost of keeping the monarchy in the UK cost the taxpayer £37.4 million last year, the Queen's financial public accounts have revealed. The cost, which is equivalent to 62p for each individual taxpayer, increased by 4.2% from the previous year.
01 August 2011
Early Measures Will Help SMEs Access Equity Financing
The Financial Secretary to the Treasury has announced that two deregulatory amendments to the EU Prospectus Directive have been brought into effect a year early by the UK to help small businesses access equity finance more cheaply and effectively.
Early Measures Will Help SMEs Access Equity Financing
The Financial Secretary to the Treasury has announced that two deregulatory amendments to the EU Prospectus Directive have been brought into effect a year early by the UK to help small businesses access equity finance more cheaply and effectively.
25 September 2008
'Crazy' EU Laws Force Scottish Boats To Dump Fish
Fishermen in Scotland are being forced to throw away up to £40 million worth of fish every year, as a result of "crazy European regulations".
'Crazy' EU Laws Force Scottish Boats To Dump Fish
Fishermen in Scotland are being forced to throw away up to £40 million worth of fish every year, as a result of "crazy European regulations".
16 May 2008
BA Announce Soaring Profits
British Airways has announced a significant rise in profits despite the botched opening of Terminal 5. BA has reported that revenue is up 3.1% to £8,753 and two million passengers have passed through T5 since it's opening. Staff are also set to share a £35 million bonus. BA say that they expect revenue for the full year to be up by around 4%.
BA Announce Soaring Profits
British Airways has announced a significant rise in profits despite the botched opening of Terminal 5. BA has reported that revenue is up 3.1% to £8,753 and two million passengers have passed through T5 since it's opening. Staff are also set to share a £35 million bonus. BA say that they expect revenue for the full year to be up by around 4%.
17 September 2003
'Modest' inroads made into reducing truancy
Figures released today have revealed that truancy rates for school children registering a "modest improvement". The headline rate of unauthorised absence declined, with around 700 fewer pupils playing truant each day. Up to 133 of 150 local education authorities have also reported an improvement in attendance at secondary level.
'Modest' inroads made into reducing truancy
Figures released today have revealed that truancy rates for school children registering a "modest improvement". The headline rate of unauthorised absence declined, with around 700 fewer pupils playing truant each day. Up to 133 of 150 local education authorities have also reported an improvement in attendance at secondary level.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
