good bye

GRIDPOINT CONSULTING‘s Robert Boyle writes:

Since IAG was formed nine years ago, the group’s CEO Willie Walsh has been able to present a string of strong results, with profits rising steadily.

The pandemic-hit first half results for 2020 were not the figures he would have wished to be presenting as his last, ahead of his delayed retirement on the 8th of September.

However, he sounded in good spirits on the analyst call. I am sure he is looking forward to a well-earned break after what has been a punishing few months for airline management teams and employees alike.

First half results

First half losses before tax added up to €4.2 billion, or €2.1 billion before exceptional items, wiping out a good proportion of the €6 billion the group has earned over the previous two years..

Q2 pre tax losses weighed in at €1.5 billion before €812m of exceptional items, mainly comprising €731m of fleet write-downs driven by the decision to retire the 747-400 and A340-600 fleets at British Airways and Iberia respectively…

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