BA results give Walsh cause for optimism

NEW British Airways chief Willie Walsh had good news yesterday as the airline beat market expectations with its full-year results.

Pre-tax profits for the year to March were £415 million (€610m), almost double the previous year's figure. Revenues were 3% higher at £7.6bn (€11.1bn), but markets were pleased with news that the company shrugged off high fuel costs to record a marginal profit of £5m in the last three months of the year. Analysts had expected a loss for the quarter.

The improvement was down to a better-than-expected performance in marketing and operating costs, as well as a pick-up in business travel.