"Over the past not many years the aviation industry has seen major changes.

"Over the past not many years the aviation industry has seen major changes, including the terrible facts of September 11th, the los of European toll free and the growth of low-cost carriers. BAA has weathered this challenging period well. It has done in such a manner because it is a well-managed, responsive and resilient business. It continues to be a tough and challenging time for the aviation industry. if it be not that an important part of BAA's fresh strategy has been to build forward its inherent strengths and firmly establish a business which can deal with the two current uncertainty and future opportunity. This is the theme of