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Flying through turbulence: Advanced Financial Reporting & Analysis of Financial Satements - Essay Example

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It offers its airline services that include air cargo, business travel and regular passengers to more than 300 destinations across the globe. Heathrow…
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Flying through turbulence: Advanced Financial Reporting & Analysis of Financial Satements
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Flying through turbulence: Advanced Financial Reporting & Analysis of Financial Satements

Download file to see previous pages... The company generated a healthy revenue of 8, 758£ millions and earned a record profit before tax of 922£ millions (10% gross margin) in the last fiscal year 2007/2008 (from 1st April to 31st March) because of the company’s strategy to offer high quality services to business travelers, individuals, households and investors so that it could be able to create a pool of loyal and highly satisfied customers. The airline aimed to become a world-class airline service provider through innovation and improvement in all the operations including its fleet, management, service-quality, technology and others etc. to become cost-efficient and competitive against low-cost carriers such as easy jet and others.
However, the changes in international business environment made things difficult for all the airlines across the world. The global economic downturn, credit crunch (that resulted in devastating financial crises) and extremely high oil and commodity prices in the international market affected everything such as sales, revenue and income forecasts, growth prospects and future business expansion, existing organizational policies, strategies and business plans. Inflation and unemployment compelled the customers to tighten their belts and save their valuable money in an unstructured, unpredictable, unclear, uncertain and an insecure environment. Airlines and auto-manufacturers were greatly affected from these changes. Consumers reduced their air travel programs and postpone their leisure trips whereas businesses that have relatively inelastic air travel demand for overseas operations also started devising ways to gain maximum from a short business trip to minimize their escalating expenditures. In fact, they started demanding more value for their money and became less loyal to air brands. They were willing to travel through a new travel service if it offered less than a brand like British Airways. Changes in foreign ...Download file to see next pagesRead More
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