IAG drops to October lows after clarifying on 2019 free cash flow

Shares of IAG fell to their lowest since October after the British Airways and Iberia owner said its free cash flow was set to fall in 2019.

According to reports, the company's investor relations team had issued a clarification to analysts and investors following what some observers said had been some confusion in a call with company management near the end of the previous week, on 28 February.

An increase in capital expenditures in 2019 to a range of between €2.6bn-2.7bn, from €2.2bn during the previous year, combined with operating profits similar to those seen in 2018, was expected to result in a decline in equity free cash flow.

As of 1450 GMT, shares of IAG were down by 3.85% at 579.8p.