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Business News

Airbus welcomes 'normality' as profits soar to €1.5bn

Airbus, the pan-European aeroplane giant that employs more than 17,000 in the UK, has hailed its transition to a "normal company" after axing a burdensome political ownership structure.

The chief executive, Tom Enders, was thwarted by the German Chancellor, Angela Merkel, in his attempt to create a European aerospace and defence empire when she vetoed plans to merge with BAE Systems in 2012.

He changed the share structure to diminish French and German influence and changed the group's name from EADS to Airbus, the aircraft for which the company is famous. Profit soared 22 per cent to €1.5bn (£1.2bn) in the 2013 results yesterday.