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Dividends must wait as British Airways struggles with debt.
Knight Ridder/Tribune Business News, July, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Jul. 20--British Airways investors should not hope for an early return to dividends, warns incoming chairman Martin Broughton.
Getting debt down is a higher priority, he says. BA cut dividends three years ago. Since then it has slashed net debt from a menacing UKpound 6.6 billion to a more benign UKpound 4.2 billion.
Broughton says big investors are telling it to "continue the excellent balance sheet management work -- dividends in due course, but not now."
The former boss of cigarette giant BAT takes over the BA chair from Lord Marshall at today's agm.
His "key priority" is to see operating margins nearly double from 5.4 percent to 10 percent.
Broughton...
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