Following last week’s preliminary third-quarter results and update IAG has quickly followed with what might be termed ‘actual’ figures. (See IAG results in last week's BTN.)

“Talking about my priorities, I think first of all we need to continue with the restructuring process that we have in place, we need to continue reducing our cost base,” Luis Gallego told reporters as he hosted his first quarterly results.  He also emphasised IAG’s demand for governments to adopt pre-departure testing to allow quarantine-free travel as Europe locks down once again.

The week’s wait did nothing for the share price, the London Stock Exchange figure dropping from 108p to 96p, this from 671p a year ago.

The new boss of British Airways-owner IAG warned he may have to strip even more costs from the business as a second wave of Covid-19 leaves its airlines staring at a bleak winter with very little travel. He forecasted fourth-quarter capacity at just 30% of 2019 levels.

IAG combines British Airways, Iberia, Aer Lingus, Vueling and LEVEL.  These results do not give financial details of individual airlines.  This has to wait until the full year figures are published late February 2021.

He confirmed IAG is still interested in buying Spain's Air Europa.

www.iairgroup.com/en/newsroom