Flotation was the word this week for Aer Lingus as it finally got around to posting its results for 1999. The accounts were an exercise in flotation preparation as the airline swallowed the pill of a number of exceptional items - gains as well as losses - to get the group ready for life away from the State's comforting embrace. These produced a net loss overall on exceptionals and brought pre-tax profits in below the 1998 figure, not unhappily so for airline executives, who are said to be wary of higher profits leading to overly optimistic approaches from its own staff groups on the purchase of a staff stake, pay deals and other issues.

In a cyclical industry and one where many of its peers are producing poor figures in recent times, buoyant figures would only have drawn unwelcome attention. As it is, Mr Michael Foley, the new chief executive, said operating margins, though falling slightly to 6.3 per cent, were considerably higher than elsewhere in the sector, where margins of 1 per cent were to be found.

Mr Foley said the company would have to sort out its various industrial relations problems before going to the market. Aer Lingus is currently in dispute with its pilots, its cabin crew and its baggage handlers and must also sort out a nasty inter-union spat over representation rights for cabin crew. There seems to have been little urgency in addressing the disputes up to now, so it may be some time before the public is once again invited to dip into its pockets.