European Airline signs letter of intent to purchase at least 31 C-series planes

Multinational aerospace and transportation company Bombardier has announced that an unnamed European airline has signed a letter of intent to buy at least 31 of its C-series planes with options for an additional 30 aircraft.

On Thursday, the company said the firm order, based on the list price of the aircraft, would be valued at approximately £2.4bn.

With up to 3% better fuel burn than first advertised, the C-series was said to be performing well, resulting in additional opportunities and improved economics for the aircraft.

Yet on Thursday the jet-maker posted a net loss for the third quarter of 2017 of $117m on turnover of $3.8bn.

Nonetheless, news of the order helped to more than offset the impact from disclosure of lower guidance for C Series jet deliveries as a result of engine delivery delays.

Alain Bellemare, Bombardier's chief executive, said: "This significant new order confirms the increasing confidence customers have in the C Series.

"We also continue to make solid progress executing our turnaround plan, and are very much on track to achieve the goals we set out in November 2015,” Bellemare continued. “We have clearly demonstrated our ability to reduce costs, improve productivity and grow margins. We have executed on our growth programs and we are taking big strategic steps necessary to unlock the full value of our portfolio."

Last month, Airbus agreed to take a majority stake in the C-Series project. Its Belfast operation, where the C-Series are made, providing employment for about 1,000 people.