Europe's largest airline, British Airways, says it faces an uncertain outlook and cannot rely on the speed and strength of an economic recovery in the US and other key markets.
"This year will be challenging for a number of reasons," chief executive Mr Rod Eddington told shareholders at the company's annual meeting today.
"The outlook is uncertain and we cannot rely on the speed and strength of the economy, both in the US and worldwide."
Chairman Mr Colin Marshall said earlier that the airline's fallen share price was an "overriding concern for all of us".
BA is cutting 13,500 jobs, simplifying its fleet and overhauling ticket distribution by adopting online tactics used by no-frills carriers in a bid to extract £450 million sterling in annual savings by the end of March 2003.
Mr Eddington said the airline was still on track for its savings target.