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| Sunday, 29 May 2005 |
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Business |  |
| News Business Features Editorial
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British Airways - cost performance delivers good results British Airways recorded a pre-tax profit of œ415 million for the year to March 31, 2005 (2004: œ230 million profit). The Operating profit for the year was œ540 million (2004: œ405 million profit). The operating margin was 6.9 per cent (2004: 5.4). The operating profit for the fourth quarter was œ40 million (2004: œ32 million profit). Net debt at œ 2.9 billion fell by œ1.2 billion during the year and is at its lowest level since 1993. Cash inflow, before financing, was œ1.2 billion, an increase of œ 307 million. British Airways chief executive, Rod Eddington, said: "These are good results driven by continued cost control and strong demand for our products. Seat factors are at record levels, but yield, down 4.4 per cent, continues to be under pressure and is down for the third year running. "We have exceeded our 2003 -2005 business plan savings of œ450 million by œ7 million. This included reducing external spend by œ300 million and improving our use of technology. During the year we have substantially improved our online capability to improve customer service and increase the airline's efficiency." Eddington said: "Self-service check-in has reached an all-time high with nearly 600,000 passengers a month using our kiosks at airports. Online printed boarding passes are now accepted at 41 airports across our network and more than 40,000 customers a month choose to print their boarding passes from their home or office. |
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