Bruised Boeing takes £774m hit

BOEING has abandoned its financial forecast for 2019 in the wake of a crisis over the safety of its 737 Max jets, which has already cost it £774m.

The world’s largest plane maker has also paused plans to buy back shares while it works through issues surrounding the jets, which were involved in two fatal crashes in five months.

The crashes, which both involved anti-stall software known as MCAS, caused regulators worldwide to ground the 737 Max aircraft.

Chicago- based Boeing has stopped deliveries of the jets and slowed down production.

It said first-quarter revenue in the commercial air division came in at £9.1bn, down from £10bn in the same quarter the year before, as it took a hit from the extra costs. Total revenues fell 2pc to £17.7bn, while its operating profit fell 18pc to £1.8bn.

Chief executive Dennis Muilenburg said Boeing is confident about a software fix it is working on for the anti-stall system.