White’s proposals are creative and courageous. But they do not yet constitute a fully formed and coherent strategy.
BA owner facing air combat
Record losses and a £ 2.5bn bailout led by the Kingdom of Qatar for the British national carrier. The extent of the crisis in the aviation industry has been emphatically highlighted by British Airways’ parent company, International Airlines Group.
Boss Willie Walsh did his best to put a modestly cheerful turn to the proceedings, insisting that “now is the time to look ahead and strengthen IAG’s financial and strategic position,” but nothing does not conceal the moment when it comes to the industry.
The pandemic has wiped out the travel market, threatening the very existence of one of travel’s oldest and biggest names.
IAG suffered a large pre-tax loss of £ 3.8bn in the first six months of the year, compared to a profit of £ 900m in the same period last year. Turnover was more than halved to £ 4.8bn, as passenger traffic fell 98%.
A 9% drop in IAG’s stock price made it Friday morning’s biggest drop on the FTSE, by some margin.