Airbus delivers the goods

REVENUES and profits surged at European aerospace giant Airbus as it delivered more planes.

Turnover rose 24pc to £11bn in the three months to March 31, while profit was up from £12m to £473m in the first results for chief executive Guillaume Faury, who replaced Tom Enders last month. It delivered 162 commercial jets, an increase of 25pc on the year before, including 126 A320s, which are pricier than most models.

However, the ramp-up in production ate into cash reserves – it spent £3.7bn last quarter – as it stockpiled parts. It aims to make between 880 and 890 aircraft this year.