International Consolidated Airlines Group (IAG) the owner of British Airways, have suffered an adverse impact from foreign exchange rates along with higher fuel costs. Despite this the airline posted climbing revenue and profit.
The airline reported a 6.7% hike in revenue to £20.88bn for 2018, pre-tax profit was up £2.6bn by 9.8%, foreign exchange rates impacted the company by £110.35m throughout the year.
IAG was asked if they had been hit by costs from Brexit, on BBC Radio 4’s Today programme Willie Walsh, chief executive said, “There are issues from Brexit that we need to address, but these are issues that the industry at large, and certainly IAG, an address without too much concern.”
Walsh added, “We remain confident that there will be a comprehensive air transport agreement between the EU and the UK.
“If you go back a year, people were saying ‘will we be able to fly at all?’ I dismissed all of that and I think I’ve been proven correct.
“This is nothing to do with Brexit. It’s actually been in our articles since we created IAG back in 2011. It was in all of the merger documentation that we issued to shareholders and was approved by shareholders.”