IAG - Liquidity measures provide stabilisation; in a holding pattern

Davy Research
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IAG’s Q1 operating loss of €1068m was better than expectations as was the liquidity position (€10.5bn), with cash operating costs for the quarter reduced to €175m per week. After multiple liquidity measures having taken place over the last year, IAG is well placed to benefit once flying in scale resumes. No additional profit guidance has been provided for 2021, with the outlook dependent on governments allowing a summer re-start.