BA announces £531m loss

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British Airways has reported record annual pre-tax losses of £531 million for the year to March.

The drop is the worst since BA was privatised in 1987 and brings total losses in the past two years to nearly £1 billion, following a £401 million reverse in 2009.

The latest results include an estimated £40 million to £45 million hit from the first round of strikes in March and come as the cabin crew union celebrated a dramatic court victory which cleared the way for another 15 days of industrial action.

On Thursday, Unite won an appeal in London against an injunction which blocked a planned five-day walkout this week and later confirmed strikes would start next Monday.

Cabin crew will take action for five days, followed by further five-day stoppages from May 30-June 3 and from June 5-9, threatening travel chaos for tens of thousands of passengers.

Shares in BA were trading almost 4 per cent lower after Unite won its appeal. The new strikes could cost the firm another £100 million in the current financial year, with Iceland's volcanic ash cloud adding to its woes.