AA profit rises a fifth after strong operational performance May 7, 2020 Driving association the AA saw its profit rise nearly a fifth over the financial year, and said it expected this year’s performance to be only marginally lower due to the coronavirus crisis. Shares in the motorists group rose nearly 14 per cent on the back of the announcement. The figures Profit for the year rose [...]
Trainline ‘confident’ it can navigate coronavirus downturn as revenue grows May 7, 2020 Travel ticketing platform Trainline has said that it is “confident” it can navigate an extended coronavirus downturn, as its revenue grew 24 per cent last year. The firm said that although passenger numbers in the UK and Europe are currently down 95 per cent, its long term growth strategies remained intact. The figures Trainline said [...]
British Airways owner IAG targets ‘meaningful return’ to flying in July May 7, 2020 British Airways owner IAG has announced that it is targeting a “meaningful return” to operating flights in July, but warned passenger numbers across the whole year could fall by 50 per cent. The airline warned that it did not expect to see a return to pre-coronavirus passenger numbers until 2023, meaning further restructuring would be [...]
Aviation chiefs plead for more help from government amid coronavirus chaos May 6, 2020 Representatives of the UK’s airports and airlines have said that the government must do more to support the aviation sector, warning that it “does not understand the strategic role the industry plays in the economy”. Speaking to the transport select committee, Tim Aldersdale, the chief executive of Airlines UK, said that there were “lots of [...]
Sadiq Khan unveils plans to transform roads for walkers and cyclists post lockdown May 6, 2020 London mayor Sadiq Khan has unveiled a new plan to transform the capital’s streets to accommodate a huge increase in walking and cycling once lockdown measures lift. Under the “Street Space” initiative, pavements will be widened and extra cycle lanes put in to allow people to travel to work while maintaining social distancing. Writing in [...]
Uber to cut 3,700 employees as ride-hailing demand slumps due to coronavirus May 6, 2020 Uber will cut 3,700 employees and its chief executive will forgo his salary for the rest of the year as demand for ride-hailing services collapses due to the coronavirus outbreak. The company said the job losses will include roles in its customer support and recruitment teams, with $20m in costs expected to be incurred as [...]
BMW lowers guidance as coronavirus stalls demand May 6, 2020 German automotive giant BMW has lowered its guidance for the year due to coronavirus, the firm announced today, saying the pandemic would “seriously dampen demand” across all of its markets. The Munich-headquartered company said that its earnings margin for the year would fall to zero to three per cent, down from the two to four [...]
Heathrow expansion: UK will not need third runway for up to 15 years May 6, 2020 The chief executive of Heathrow today said it could be 10 to 15 years before the UK need a third runway at the airport due to the coronavirus crisis. Speaking to the transport select committee, John Holland-Kaye insisted that a third runway at the airport remained “a critical economic plank for the growth of the [...]
National Express set for equity raise to strengthen balance sheet May 6, 2020 National Express has announced the placing of up to 19.99 per cent of the coach operator’s share capital to further strengthen its financial position through the coronavirus crisis. The firm said that in its worst-case scenario, profit could fall up to 40 per cent in 2020. The company said that the move had the “unanimous [...]
Airline body says face masks should be worn on flights to prevent the spread of coronavirus May 5, 2020 The industry body representing global airlines has recommended passengers wear masks on flights to prevent the spread of coronavirus once flying restarts. David Powell, medical adviser to the International Air Transportation Association (IATA), said while normal seat allocation can be maintained, face masks should be worn on board. Some major US airlines have already introduced [...]