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IAG downgrades profit forecast
British Airways parent IAG has issued a statement in light of Britain’s vote to leave the EU saying it will impact profits.
With its shares plunging 20%, the airline group said although it believes the vote ‘will not have a long term material impact on its business’, it will have an effect in the short term.
"In the run up to the UK referendum during June, IAG experienced a weaker than expected trading environment," it said.
"Following the outcome of the referendum, and given current market volatility, while IAG continues to expect a significant increase in operating profit this year, it no longer expects to generate an absolute operating profit increase similar to 2015."
It said it would update the market in due course.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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