The parent company of Aer Lingus has posted heavy losses for the first three months of the year.
International Airlines Group (IAG) reported a bigger-than-expected operating loss of $773 million (€731 million) in the first quarter of this year as bosses blamed Covid-19 restrictions for reduced passenger numbers.
However, the group – which also owns British Airways – said demand is “recovering strongly” with the business expecting to return to making a profit this year.
It comes as the UK’s blue-chip index slipped on Friday
, with worries about the economy weighing the mood after a recession warning from the Bank of England.The FTSE 100 slipped 0.5 per cent by 7.27 GMT. The midcap FTSE 250 index fell 0.8 per cent, on course for its biggest weekly decline in two months.
Sterling extended losses on Friday to fall below $1.23 (€1.17) after the central bank warned on Thursday that Britain risks a double-whammy of a recession and inflation above 10 per cent as it raised interest rates to their highest since 2009. – Thomson Reuters