Breaking News in association with Money AM

Friday, 6th November 2009

British Airways losses soar

7:32am
Flag carrier British Airways reported a loss before tax of £292m in the half-year to end-September, £244m before restructuring costs. The operating loss in the period was £111m, compared to a profit of £140m in the same period a year ago.

Revenue was down 13.7% (revenue before exchange down 20.2%).

Total operating costs were down 8.7% and unit costs down 5.2%.

Passenger revenue was down 13.6%, on capacity down 3%. Yields were down 12.2%, 18.2% excluding exchange, largely as a result of lower year on year surcharges and sales mix within...

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Tate & Lyle hits target

7:32am
Sugar refiner Tate & Lyle reported pretax profit of £50m in the half-year to end-September.

The group reported diluted earnings per share (on total operations) of 9.5p, down from 14p the prior year period.

Tate & Lyle had free cash flow of £258m and net debt of £987m.

Interim dividend was maintained at 6.8p per share.

Javed Ahmed, CEO, said: 'Tate & Lyle performed slightly ahead of our expectations in the first half of the year, before the impact of exchange translation, despite challenging conditions in a number...

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MWB Group Holdings in line with expectations

7:17am

Story provided by Business Financial Newswire...

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Collins Stewart trading profitably

7:17am

Story provided by Business Financial Newswire...

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RBS slashes quarterly losses

7:17am
The Royal Bank of Scotland Group reported a third quarter operating loss of £1.525bn, down from £3.533bn in Q2. Core business operating profit was £1.193bn and pre-impairment profit, adjusted for fair value of own debt, improved to £2.2bn.

RBS said its operating performance benefited from stable NIM, good expense control and lower provisions and the it has made good progress against the key metrics in its 5 year strategy.

Net interest margin stabilised at 1.75%.

RBS said efficiency improvements are beginning to gain ground, with cost:income ratio improving to 59.1% (2Q...

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