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Airbus reported a 49% fall in first quarter core profit (adjusted earnings before taxes and interest) on Wednesday (29 Apr) as it warned the coronavirus was the “gravest crisis the aerospace industry has ever known”.

On Monday (27 Apr) Airbus warned it was “bleeding cash” and announced it would be furloughing more than 3,000 staff from its site in North Wales. In its results statement, Airbus revealed core profit fell to €281m compared with €549m in the first quarter of 2019 as new orders fell and production was cut by a third.

Airbus called for the industry to work together to restore confidence in air travel, as airline results have also suffered.

British Airways was the latest to reveal a “restructuring and redundancy” programme, with plans to cut 12,000 jobs, as parent company IAG warned it may take several years for air travel to return to pre-coronavirus levels.