Morning Report: BA owner IAG takes hit as it cuts back on more flights due to coronavirus

Headlines from the Proactive UK newsroom.

British Airways owner IAG (LON:IAG) has taken a hit this morning as it cuts back on flights to Italy due to coronavirus, with further reductions to follow across its shorthaul routes. Flights to China and other parts of Asia have already been suspended. Net profits in 2019 fell 41% after a £672mln pension provision.

EasyJet’s (LON:EZJ) also to cancel flights in and out of Italy due to the outbreak in the north of the country. Demand has slowed for flights to other destinations in Europe, though it is too early to assess the financial impact said the airline.

Avation (LON:AVAP) says a number of parties have expressed interest in the company and certain portfolios of aircraft since it put itself up for sale. The aircraft leesing company profits flew 218% higher in 2019 to £45.2mln while NAV improved by 15%.

Derivatives group Plus500’s (LON:PLUS) trading has ticked up strongly since the New Year on the back of increased activity in global financial markets. The recent slump due to the coronavirus will likely boost trading even more.

 United Oil & Gas (LON:UOG) has resumed trading on AIM following the completion of the acquisition of Rockhopper Egypt. The acquisition gives it a 22% stake in a field producing 7,900 barrels daily.

Rolls-Royce posted another big loss as it took a further £1.4bn charge for its troublesome Trent 1000 engines. The aeroengine maker added the year had ended strongly helped by its cost cutting programme.

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