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.
