Airbus writes off £1bn

PLANE maker Airbus has taken a fresh £1.1bn hit for its troubled A400m military cargo carrier – denting profits and bringing total losses on the project to more than £7bn.

The aircraft, which can carry 116 fully equipped troops, has been beset by problems, including a fatal crash in 2015. Seven years ago Airbus won a £2.9bn bailout from European nations after boss Tom Enders threatened to cancel the deal.

Europe’s largest aerospace group, which makes the wings for its commercial aircraft in the UK, posted profit of £3.7bn, an increase of 8pc, on revenues of £58bn.